I have NRI Status. I transfer my salary from abroad to INDIA in my NRE Indian bank account.
How much MAXIMUM amount, I can transfer to my Mother's bank account as a gift, which (amount) is not taxable?
Also mentioned section number of Gift tax.
Please give me needful reply.
There is no gift tax.
But gift is taxable under income tax if amount received from non-relatives is more than Rs. 50,000/-.
Relatives exempted from such gift/income tax are defined under section 56(2)(vii)
Any amount of gift to mother is exempted under the section.
CAclubindia
