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 ?
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160138 Points)
Replied 05 July 2023
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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