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
Replies (1)
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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