My parents are settled in the UK where they have been living more than 50 years.
I am living and settled in India. They want to give me 10 thousand pounds sterling.
Would I have to declare this in my income tax returns.
Also is this amount taxable. I think gifts from parents used to be tax free.
Also do I need any documentation to show the gift.
Thank you in advance.
Gift from parents is not taxable. It is suggested that you document this gift through a gift deed to serve as a documentary proof.
Thankyou. Because it's over 10 lakhs will there be a problem
No Problem since its from Parents.
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