My NRI son gifts Rs. 3,00,000 to me in India. What is my tax liability?
SBNRI Team
answered on 09/02/2021
Gift from an NRI Relative to a Resident Indian is exempt from tax in India for both giver and receiver. Therefore, you don’t have any tax liability in India.
Related Questions
SBNRI Team
answered on 10/09/2020
Taxation on Mutual Funds for NRI: Different types of Mutual Funds are taxed differently *(Equity Funds: An equity fund is a mutual fund that invests principally in stocks) *(Debt Funds: A debt fund is a mutual fund that invests in fixed-interest generating securities such as corporate bonds, government securities) Nature of Profits […]
SBNRI Team
answered on 16/11/2020
The STCG on debt funds are deducted at 30% TDS but the tax liable is as per your tax slab. Therefore, you are entitled to a refund as per your tax slab. For LTCG, 20% TDS is deducted and the tax liable on LTCG is also 20% along with indexation benefits. Therefore, in this […]
SBNRI Team
answered on 16/11/2020
As an NRI, your salary earned in UAE won’t be taxed in India. Hence, in such a case there is no need to fill Schedule TDS and the income can be disclosed as exempt income in the ITR. For assistance with filing your tax returns in India, click on the button below and connect […]
SBNRI Team
answered on 16/11/2020
Only the interest that you earn from your NRO Account is taxable. Therefore, the interest on the money that your friends or family will deposit will be taxable in India. Also, there are certain limitations and tax implications while accepting and sending gifts as an NRI. Click on the button below to connect with […]