Will that amount is refunded?? How many taxes is levied on case gift exceeds USD from a foreign friend to India. Is there any Penally for a cash amount. Can I transfer funds to my mother and ask her to invest in FDs? Can a resident Indian can return money recd from a friend in UK If so then what is the tax payable by Indian resident to return the money in recd in foreign exchange.
Need format for gift deed and what will be he tax liabilities for me and her. I want to gift a puppy to my friend who lives in quebec. What will be the tax liability in our hands. As per income tax, puppies are not covered under any kind of property say it may be moveable or immovable. So you can gift it without paying any kind of tax. I just want to remit some money to my first cousin lives in USA is there any implication on such remittance.
As per my knowledge, If the value of Gift exceeds INR then the whole amount will be taxed as per gift taxation. I have received money from my son who is in foreign country whether I have to fill any form to claim tax exemption. Hi Lakshit, As far as my understanding is no form is required.
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If suppose my foregion friend is giving me 4 million in my account i want to know how much tax will be deducted and will it be fine with my Indian account? I am NRI and if my gift my apartment to my son who is a resident, does he have to pay stamp duty, etc. The property is in Bangalore. You may update. A foreigner has provided a gift to a citizen residing in India. Is there is any limit under FEMA or any law??
If yes whether it attracts any provision under Income tax.. I am a person of Indian origin living in Sweden For the last 43 years. I have an inhertied property in India which i want to transfer or sell to my brother in blood relation. There are two way of doing it. One i just give him a gift and cost of transer deed will be around Rs but then i can not mention the amount we have decided the other i sell it at collecter rate and pay long term capital whatever it will be.
I am an NRI living in Australia. I want to send 10 Lakhs to my brother in India who is a resident there.
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I want to send this amount through bank transfer as gift. My question is, will this amount be taxable in India either for him or me? Are they considered in the relative category? My son is a Canadian citizen and I have property worth 5 cror which I want gift him what do I do, the best way? My question is can he do that? What is the limit allowed? Yes, he can do that. Limit will depend whether he is your cousin or own brother. If cousin then Rs 50, is limit whereas for own brother its totally exempted as he is your relative.
I am kidney failure ,I am coming from abroad,Now i need money for treatment,Can my father friend who is citizen australia sen me money in my saving account under family mantainance. Hi, If my sister Indian resident names my son NRI nephew as her contingent beneficiary, would the amount be subject to tax? How much money can my brother in law and sister send me as gift and family help in one financial year. How much amount can a American citizen send to relative in India as gift and family maintainence in a financial year as per American law.
Hi my brother is in dubai if he sends me protien supplements to me in india, would it be taxable? When the time comes could I get this money back in my NRE account without having to pay tax? Up to what amount maximum I can gift to my brother who is a person of Indian origin residing in the united kingdom without paying gift tax. I want to gift my son who is an American citizen rupee equivalent to USD is there any tax implication. I have grand daughter citizen of US. She is a minor. Gift given by me are taxable at the hands of parents is taxable in U S.
My friend is in newyork, and he wants to send me all his savings it is 3. Is there any limit? Please advise. To my question about gifting securities, I should add, the resident is my father, so a direct relative. Hi Sid, There is no tax implies on a relative.
And your father is considered in a relative category. If anybody getting currency as a gift from UK suppose to pounds cash so what will be the charge or tax in India or is there any problems to get gifts like that please explain it.
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What r our options. One of my female friend wants me to send apple I phone and apple laptop from united kingdom to India. Did I have to pay tax for it. Hi Mr. Hello Sir, Please guide if an NRI sends money in India for maintainance of his property in India to his brother in law and also some extra amount.. My son is resident indian nri in US and on work permit.
I am senior citizen and by selling my existing property I will need additional 50 lakhs from my son who has nro account. Should he make payment from his nro account or gift 50 lakhs to me so I can purchase flat with out any issue.
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Please guide me. Saminath If the said amount is more than 50 k than it will be treated as income from other sources and taxed accordingly. My main concern is would there be any tax deductions at the end of the year for me? If I send Rs. I Am an Indian national and my brother is a green card holder. Hi Npun, Yes, it is possible, but you need to refer to the tax laws of that particular country too. The funds were gifted by my parents residing in India. Can I still make the transfer. She has her OCI Card as well. Please advise how to go about. Sir i am 77 yrs old and hold some shares of tata steel.
I have a joint property with my daughter NRI She wants to gift to me mother , the property is a flat in India, what is tax implications or steps to follow.
If someone from uk sends gifts to someone in india through courier andin india the authority find that in a parcel uk person has sent gold diamond and uk currency means …. As per my knowledge, It is kind of illegal work. So my advise is not to do so as this may land you in trouble. My only daughter is an nri in Canada She wants to gift her flat in Mumbai as i have no property and a widow. Can she do it from Canada. My Indian freind working abroad on 4 months contact wants to send me USD, what is the tax liabilities. My parents would like to sell their property in India and relocate to Switzerland where I live now.
They can either transfer the proceeds to me here or relocate first here, open their account here and transfer all the proceeds to their own account in Switzerland. What is a better option and ehy. We have our relatives in India want I phone and iPad latest we are three people to going India how we can take this. We have pay duty? Now I want to sell the same what will be the tax implications and what will be the purchase price?
In the Case of Gift, the cost of acquisition by the previous owner of a capital asset shall be the cost of acquisition of such asset to the person selling such capital asset and it will be taxed as per Capital gain taxation. I am nri working in Singapore. Can I send money from my nro account to my Father-in-laws Sb account a sum of 10 lakhs Rupees?
Who has to pay tax? Pl confirm. My daughter has acquired US citizen ship.
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Previously she was Indian resident. She has purchased a plot during Indian residence stage. Now she want to gift the plot tome father. Kindly guide transfer process and tax structure. Thank you so much for this blog. I have to send my brother rs.
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So will i needbto pay tax on this amount.