Dear Members / Students,
I would appreciate if anyone could help me.
I am NRI and I am planning to transfer Rs. 12 Lacs from my NRI account to my wife's Indian Rupee account. My wife is resident of India and also resident of another European country. Out of the transferred funds, my wife will purchase a plot in India on her name, value of Rs. 12 Lacs.
Do I need to pay Gift Tax?
Best regards,
CAclubindia
