My blood relative in India will transfer 8 lakhs to my Indian account as gift. I live in USA and I will transfer $10000 to my relative's Sons account in US as gift is this transaction legal ?
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My relative India transfers 8 lakhs to my Indian account in India. I will transfer $10000 to his son
Replies (1)
Treat both the transactions as independent.
For gift received by you from your relative in India depends upon your relationship as per sec. 56(2) of IT act. If falls under definition of relative, then the gift received by you will be tax free in India.
For transaction in US, check IRS rules.
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