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.
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Tax amount on Gift to my Mother
Replies (1)
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.
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