can any one accept gift from relatives resides outside india in foreign currency and if so what will be the Income tax effect in the hand of recepients in India
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Gift in foreign currency
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In my opinion there is no Gift tax on receiving gifts from relatives residing outside india provided the relatives fall in the below mentioned categrory:-
- Parents
- Parents siblings and their spouse
- Siblings
- Spouse of siblings
- Daughter and son
- Spouse of daughter and son
- Spouse
- Spouse’s parents
- Spouse’s siblings and their respective spouse.
I believe there is a maximum ceiling of US$ 1,25,000/- per financial year. Wait for others to reply and then take an informed decision.
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