Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 
Discussions Forum
Home Forum Income Tax This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

TAX ON GIFT OF MONEY BY FATHER TO DAUGHTER LIVING IN USA(NRI), Income Tax

Issue Id: - 116465
Dated: 10-6-2020
By:- NISHANT SHAH
TAX ON GIFT OF MONEY BY FATHER TO DAUGHTER LIVING IN USA(NRI)

  • Contents

Dear All,

I want to know that whether tax is levied on recipient of gift from relative in India with effect from Finance Act, 2019.??

I heard that a resident indian can gift upto $2,50,000 to his/her relative(NRI) living in USA as per liberalized remittance scheme. Please suggest me how much money a father can gift( resident in india) to her NRI Daughter living in USA??

Post Reply

Posts / Replies

Showing Replies 1 to 4 of 4 Records

1 Dated: 11-6-2020
By:- DEV KUMAR KOTHARI

Q. I want to know that whether tax is levied on recipient of gift from relative in India with effect from Finance Act, 2019.??

Ans. There seems no tax under Income Tax Act, 1961. Gift from father to daughter is a capital and personal outgo in hands of father and capital receipt in hands of daughter.

Regarding remittances permitted- check website of RBI at the time of remittance because there can be changes frequently.

I believe that in USA also amount received by daughter from father ( from India) will also be capital receipt. However , check with US tax consultants in this regard.

If you have any specific provision in mind, mention in the query. In query raised some home work must be reflected for sharing knowledge and discussion.


2 Dated: 11-6-2020
By:- NISHANT SHAH

Ok thanks Sir for your valuable reply.

I understand that father can gift to her daughter and no taxability arised from father point of view but I doubt that tax would be levied to daughter living in USA as receipient of gift income from father who is resident in india according to law of USA.

Needs more clarity in this issue. If someone who is expert in this, they may please suggest their view on taxability on foreigner NRI taking gift from Indian relative..

Whether tax is levied on receipient in USA since according to my knowledge, USA law is changed for declaring even gift amount in their ITR as income and they are required to pay tax at there considering it as global income ??


3 Dated: 12-6-2020
By:- Ganeshan Kalyani

I agree with Sri Kothari Sir, US consultant to be consulted.


4 Dated: 13-6-2020
By:- NISHANT SHAH

OK Sir Thank you..


1

Post Reply

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||