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

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Title	:	TAXATION OF GIFTS RECEIVED - Here Are The Things You Need To Know
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Can I gift cash to my son-in-law on behalf of my daughter who has no account in any bank in India
Comment from : Aftab Mohsin

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
Comment from : Thomas

Very good video sir Questions were well organized and asked Cleared all my doubts Thanks a lot
Comment from : Unnikrishnan Krishnan

If I receive gift of 25 lakhs from non relative how much tax I need to pay and if there is no other income
Comment from : Satvik Lifestyle

Anyone made international transfers to India using Wise/Remitly/etcbrbr1 How do you procure FIRC certificate for non-business transactions? Is this mandatory? brbr2 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)
Comment from : Anonymous

Thank you for this detailed information God bless you
Comment from : vidya rao

NRI can gift a residential flat give as a gift to son or daughter who become a US citizen as tax free
Comment from : Charles Machado

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!
Comment from : Ramesh Subbaraman

My daughter is in ऑस्ट्रेलियाbr Her PPF account is maturing on April 2024brShe wants to take thIs amount to ऑस्ट्रेलियाPPF is tax free in India brWill this amount be taxed in Australia?
Comment from : Usha Athavale

Thank you sir, very helpful and informative
Comment from : Manjula Rao

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?
Comment from : Karthik S

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?
Comment from : Sadashiva T S

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?
Comment from : vinolife

Excellent video with ALL questions answered very clearly
Comment from : VENKATESH R B

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
Comment from : Rabi Randhawa

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
Comment from : Jacob Zachariah

Very nice video
Comment from : sjaswants

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Comment from : purna bandi

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 herbrI will feel highly helped for ur advicebrThanks in advance
Comment from : Khajuria Arun

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 brThanks in anticipationbrOm Shanti
Comment from : Khajuria Arun

Thanks for your help and support for NRI Community
Comment from : Ashok Kumar

Excellent
Comment from : Dinesh Kumar Sharma

Hello,brAs 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?
Comment from : Varghese

What are the tax implications of an NRI brother gifting to a US citizen sister: br- Gift is money (through fund transfer) br- from funds based in India, which have been earned in India br- Funds will be transferred from Indian bank account to US bank account through wire transfer br brWhat are the tax implications (under Indian law) on the donor and the donee?
Comment from : Anurag Agrawal

How does this contrast with clubbing of income u/s 64 of IT?
Comment from : Sunil J

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?
Comment from : rajeev singh

Sir any rules for NRI giving gift or money to resident Indians?
Comment from : Praveen Varma

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 🙏
Comment from : Aastha Singh

please let me know tax liability in U S A on receiving funds from father and mother from India
Comment from : Avatar Print Pack

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

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

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
Comment from : Amarjit Bajaj

Is gift in the form of money through cheques/transfer through banking channel requires evidence in writing on stamp paper? brbrDoes the document needs to be registered by paying stamp duty? brbrIf yes, how much stamp duty is required to be paid?
Comment from : Ranganath Rajachari

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

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

Sir,brI 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?
Comment from : alagarsamy kannan

Thankyou sir
Comment from : Shakeel Rather

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
Comment from : Sanjay

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 brMy question during the session was on clubbing provisions U/Sec64(2)Co parcener converting his individual property into HUF and subsequent issues of clubbing provisionsas per sec 64(2) brLegally the capital gain should be clubbed in his hand on sell of the said property by HUF brCan 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 brPlz guide
Comment from : Kiran Kanani

How much money I can transfer in my wife account
Comment from : Narinder Singh

Mr Bhat & MrShriram your NRI related videos are very informative and helpful Thank youbrI am gulf based NRI planning to return soon What are the implications of transferring my part of my NRI funds transfer to my daughter who is recently become NRI after completing her studies in Australia & employed Can I prepare FCNR deposit in her name
Comment from : San doc

So if an NRI becomes a regular Indian resident can he / she buy agricultural land?
Comment from : Suman Jacob

Excellent information Many thanks
Comment from : SUNDIEEP SIINGH

As usual useful video Waiting for the video on how NRIs can invest in the Indian stock market as the process is not straightforward So, I am looking forward to that Thank you!
Comment from : Motivation Shorts Adda

Thanks, good information
Comment from : Ram Bond

Section 64(1)(IV) income earned out of income transferred by husband is treated under clubbed income of the husband on FD interests and sale of property brbrBut I cannot find profits from Mutual Funds CG or stocks, under this category of clubbed income of the transferrer !brbrPlease help and clarify brbrThanks in advance 🙏
Comment from : Harishenan Chinnathambi

Well explained Thanks Best wishes in your endeavour
Comment from : Venugopalan Sekharan

I am an OCI holder & my mother wants to gift me 20 lakhs from her bank account (Transfer from her bank to my foreign bank a/c) brI checked with an indian accountant, who says I have to pay tax for any amount received beyond 7 lakhs and need to file IT returns just to get back the tax paid for this transfer & to accept this from my mother brWhat forms, if any, I should be filling to receive this money tax free? Please advise
Comment from : home videos

When a NRI send money from USA to his self account in india will it attract gift tax in USA ?? Is there any limit for such a remittance??
Comment from : Mani Iyer

Very very clear explanations about gift tax and its implications in IT act and FEMA Tks for sharing
Comment from : Sampath Rajagopalan

I mean tax free
Comment from : sadasiva sarma

I understand that you can't gift to your spouse Is it true
Comment from : sadasiva sarma

Can a mother (73 yrs old- widow with family pension source) buy a property in India with the gift-source of big sum gifted from her daughter-(NRI) w/o making any gift-deed as per IT Act?
Comment from : Rajagopalan Jayakumaran

Can a NRI send money to his/her parents through NRE account? Will it be taxable for parents? I am sure you will never reply but still I am making attempt
Comment from : RS GAUBA

Excellent video Thanks!! Perhaps if you make PPT and explain by way of a tree diagram, ideas may be more clearly and easily expressed CA Sriram can talk like a Professor giving PPT based lectures to his students! You are showing a few slides in between but they contain text covering definitions only
Comment from : Surendra Barsode

Gift to spouse and huf not covered If I gift 100000 to my huf and including this amount, huf does not have income beyond taxable limit, will it remain tax free?
Comment from : Vipan Mahajan

HUF can gift to their co partioner ?
Comment from : manmohan arora

50th 👍
Comment from : Sage

Very informative video
Comment from : Johnson David

Very informative as alwaysbrSir one querybr-do in-laws comes under relatives?
Comment from : shreemoy dash

Can bank statements be considered as a proof for cash received/sent, from/to the relative?
Comment from : Manoj Anand

As usual, clear explanation Thanks sir 🙏🏼
Comment from : GopiKrishnan Jayaraman

Dear Mr SrirambrMy g Mother passed away while I was a minor of just 7 years old and made me nominee to her FD I am NRI due to my mother live abroad My natural mother took charge of the amount and made seperate NRO FD account Doesn't this amount received by my g Mother become a gift? So when we opened NRO account why TDS by our bank? Besides for tax filing being a minor, my account blocked with IT and as a result could not claim taxes deducted Pls advise
Comment from : Zeebs Z

Simply put can we say Blood Relatives of self and spouse are exempt from gift tax! How about uncles, aunts cousins, nephews, nieces Grandchildren, Grand nephews, grand nieces?br?
Comment from : Ram Baskaran

Crystal clear explanation
Comment from : Rajanikanth S

Sir please make a video on tax treatment on rental income received from overseas properties by a resident Indian Will the income be considered as rental income with allowable deductions?
Comment from : Suvobrata Ghosh

Can husband give gift to wife and vice versa
Comment from : Ashok Jain

Sir, your videos explain topics with extreme clarity Thank you
Comment from : Rohit Rai

Would the income generated out if the gift funds taxable in subsequent years?
Comment from : p b v rajan

I have received one lakh from my mother in law through NEFT, how can it be treated as far as income tax rules are concerned? Kindly guide me, Your generous reply is awaited
Comment from : Mrinal Kanti Saha

Can a NRI send money to parents, who can buy property on NRI? Does this property sale deed attracts tax of NRI category like 28
Comment from : Sathish Kumar Shanmugavel