GIFT from NRI

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..... GIFT from NRI
Query (Issue) Started By: - Vartik Choksi Dated:- 10-5-2012 Last Reply Date:- 13-5-2012 FEMA
Got 4 Replies
FEMA
A gift of Rs.6,00,000 is received by Resident Indian from NRI. There are various options available with NRI to make the payment. Either he gives gift from his Foreign Bank account or NRO A/c. Please let me if any approvals of RBI is required to be taken. Rep .....

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..... ly By Baranidharan S: The Reply: No permission is required from RBI, The amout has to be brought through normal banking channals. Reply By Mridul Sethi: The Reply: Also pls clear, is there any deduction will be made by bank as bank charges. Regards, Mridul Sethi Reply By Baranidharan S: The Reply: If it is trasnfered from NRO or NRE account normal no charges is applicable. may be RTGS/NEFT .....

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..... nominal charges will be levied. If it is throgh inward remittance, Foreign Bank Charges will be applicable, i think it is USD 12. in FIRC it should be clearly menioned as GIFT. If it received from Non-relative it is taxable in the hands of the recepiant. Reply By gangaram chandwani: The Reply: No approval is required from RBI but gift amount is considered as income of recipient(Donee) if donor .....

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..... is not a relative of donee as defined in Income Tax ACT.IT is advisable that donor make proper gift deed duly stamped with stamp duty of 2% of value (or as applicable in other states )if is being made NRO account in Maharastra. No stamp stamp duty will be chargeble if gift made in foreign country and a cheque dd or remittance is received. But a letter of gift must be obtained from donor. with bes .....

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..... t compliments to all.
Discussion Forum - Knowledge Sharing .....

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