TAXATION OF GIFTS RECEIVED - Here Are The Things You Need To Know

When it comes to the matter of an international relationship. If I were to send my long-time boyfriend (we have intentions of marrying) a gift he will have to pay income tax on it because we aren't yet married? And how do we value something that isn't brand new? For example if I were to send him a shared sweater between eachother then how would I declare that on the customs forms? What if it were his own sweater he had left behind and i'm sending it to him? How is that declared and will he have to pay tax on that?

Sir, Can an OCI holder NRI doesn't have any income and PAN receive gift in US by LRS scheme?

Does donor need to present in india for signing gift deed

Thank you. What about the registration duty payable on transfer of property as a gift between relatives? Is that payable or waived? Also please clarify the capital gains tax incidence on transfer of property between relatives. Thanks and Appreciate.

Can I gift cash to my son-in-law on behalf of my daughter who has no account in any bank in India

Sir I have a question house owned by my father in India and he can sell and gift the money to the son who is on US and there is any tax when father transfer to uS.

Very good video sir. Questions were well organized and asked . Cleared all my doubts . Thanks a lot

Question: Farm land > Sister/Brother (resident Indian) inherits all property and then sells the land > then transfer full money to NRI/OCI sibling > will it be taxed (provided all taxes have been paid by Sister/Brother alreaedy) ?
My Understanding : No tax ..money can be transferred as per the LRS scheme !

If I receive gift of 2.5 lakhs from non relative how much tax I need to pay and if there is no other income

Anyone made international transfers to India using Wise/Remitly/etc.

1. How do you procure FIRC certificate for non-business transactions? Is this mandatory?

2. How do I know if my transaction follows MTSS or RDA remittance method?(I'm concerned MTSS has a $2500 limit per transaction but my bank is not showing any limits while transferring)

Thank you for this detailed information. God bless you.

NRI can gift a residential flat give as a gift to son or daughter who become a US citizen as tax free.

I am a US Citizen. my mother in India wants to gift cash for me and my daughters. What is the limit? Would the letter that you stated suffice as income source to deposit the money in my NRO account and what is the limit on a day to deposit in my NRO Savings account? and would it be tax free? Will I be taxed in US? Thanks in advance!

My daughter is in ऑस्ट्रेलिया.
Her PPF account is maturing on April 2024.
She wants to take thIs amount to ऑस्ट्रेलिया.PPF is tax free in India
Will this amount be taxed in Australia?

Thank you sir, very helpful and informative.

If gift received in inadequate consideration and sold then what cost of aquation?

Hi Sir, My parents gift my toddler who is NRI. I understand no tax implications on this case. Does interest earned on this gift over years needs to be clubbed under my income or it can be considered seperately as my minor daughter's income?

Thanks a lot sir for this wonderful video, clarifies lot of doubts, btw is there any provision to declare the gift received while filing IT returns?

If the gift is given by the employer to the employee in the form of gold or vouchers upto value of Rs. 50,000/-, is it taxable?

Excellent video with ALL questions answered very clearly

My 3 year old daughter is an Australian citizen. And he is OCI holder. I have paternal ancestral land which we got from generation to generation. Can I transfer my land to my daughter's name? Please let me know how to get the land transferred so that he does not face any problem in future

If grandson wish to transfer amount to his grandmother's bank account for medical expenses, then is it considered as a tax free gift? Is it necessary to make documents for this or only bank statement is enough?
Thanks for your informative video.

Is it correct that cash and movable property can be gifted and the requisite document evidencing proof of the fact of gift can be on plain paper ? The CA appeared to have said so.

Very nice video.

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Hallo Sir, Gifts on marriage should be done before marriage or post marriage. Is this also possible if the marriage of an NRI takes place out of India with another indian or NRI or non indian?
Now if it is moveable gift or as cash in an NRO a/c, then there will be only tax on interest earned on it and then money can be repatriated to foreign country without any problem.
But what happened in case gift is an immoveable property. At the time of selling again TDS will be active on the sold price. How will here be capital gain calculated for final tax, as the investment on property is zero , because it has been gifted by close relative.
Would it be the whole selling considered as capital gain?
Thanks in advance , Sir.

Hallo Mr. Bhatt n Mr. Rao, how can I prove my sibling relation with my sister, she's above 80 yrs n has no birth certificate or school leaving certificate. Is this possible by writing an affidavit. I have been staying in Germany for almost 40 yrs n have no rationcard with her.
I will feel highly helped for ur advice.
Thanks in advance.

Hallo, Sir, if the gift is immoveable or moveable like bank transaction from resident indian to NRI in his foreign a/c or NRE or NRO , what would be the Tax percentage .
Thanks in anticipation.
Om Shanti

Thanks for your help and support for NRI Community.

Hello sir , If already tax paid money 2lakhs of mine gifted to a friend ,then will be 2lakhs taxable income for my friend ? If so then the amount is taxed two times right ( already taxed in my hands and now again taxable income to friend) ??
2) if any income or interest arised from the gifted amount to friend ,then is it taxable income for me or friend ?

Excellent

Hello,
As an NRO account holder, I will get some funds (Over 20Lakh) as a gift from a resident relative which will therefore be tax free as per my understanding. My question is, Will I be able to repatriate that received funds to a foreign bank account without any tax implications from NRO account itself?

What are the tax implications of an NRI brother gifting to a US citizen sister:
- Gift is money (through fund transfer)
- from funds based in India, which have been earned in India
- Funds will be transferred from Indian bank account to US bank account through wire transfer

What are the tax implications (under Indian law) on the donor and the donee?

How does this contrast with clubbing of income u/s 64 of IT?

I am an NRI with plans to return to India in the coming years. I want to have agricultural land but because of my status as of now, I can not buy that. Is it possible for my father or brother to gift to me?

Sir any rules for NRI giving gift or money to resident Indians?

Hello sir , Gift from NRI relative upto us $ 14000 is exempt from tax ,whether the person receiving gift from NRI is shown in his return of income as gift .Since in India gift from relative is exempt from tax under section 56 (2)(x) Please suggest 🙏

please let me know tax liability in U S A on receiving funds from father and mother from India.

Great video sir. Thanks for sharing this. As a token of respect as a viewer, I don't skip ads for your videos.

Can OCI's buy converted land of say 50 cents or 1 acre or stick to only flats or bungalows

Very informative, sir. I have a question. Does a NRI( residing in USA) receiving a cash gift from a relative in India has to pay any tax? If yes, is there a threshold limit? Thanks.

Is gift in the form of money through cheques/transfer through banking channel requires evidence in writing on stamp paper?

Does the document needs to be registered by paying stamp duty?

If yes, how much stamp duty is required to be paid?

How to show in ITR funds reced from NRI son through nre bank account to my account in india?

What is eKYC? Does the number change once person changes citizenship? & do we need to update changes in KYC website too

Sir,
I am an NRI. If I transfer 10 lakhs to my daughter account, 10 lakhs will be treated as income for her in that financial year for tax computation for that year?.

Thankyou sir .

Dear sir , in case i gifted my wife in a year , 3 plots , and my wife paid stamp duty of registration of a single plot 65,000 , so for 3 plots =3x65,000=195,000 , so asper sec 56 2x , does my wife laible to pay tax

How do we as NRI account in income tax for inheritance money received as a FD nominee left by deceased parent? It was transferred by parent's bank to NRO account.

. I am CA Kiran Kanani from Pune . I attended your webinar on GIFT It was very elaborate and helped a lot in understanding the other related issues.
My question during the session was on clubbing provisions U/Sec.64(2)..Co parcener converting his individual property into HUF and subsequent issues of clubbing provisions..as per sec. 64(2).
Legally the capital gain should be clubbed in his hand on sell of the said property by HUF.
Can the benefits of Sec 54F be enjoyed by HUF or the said individual if his name is added , when HUF buys a residential property and HUF and the said individual become joint owner of the new residential property.
Plz guide.

How much money I can transfer in my wife account