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 ?
Menu
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.
Recent Topics :
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
Related Topics :
CAclubindia
