Hi,
I would appreciate some answers to the following queries regarding income tax for NRI's
Is money gifted by an NRI to family member (father, mother , wife) taxable to the receiver or is it the amount generated from investing the same amount incorporated as an income for the receiver?
Can an NRI invest in the normal fixed deposit schemes as applicable for resident indians?
Thanks
if gift given by Nri to family member is not attracted to income tax.
yes NRI can investment in fixed deposit in India
AGREED WITH NAVIN JAIN
REGARDS,
MANOJ
gift given by NRI to father mother wife is exempt u/s 56........however , as per sec 64 income generated by wife from that gift will be clubbed in the hands of NRI
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