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.
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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 09/02/2021
After returning to India, you will have the RNOR (Resident but not Ordinarily Resident) Status. The NRE Deposits need not be converted to resident accounts after your return to India. They can remain as-is till maturity. Consult NRI Taxation Expert There are certain benefits of the RNOR status: They don’t have to […]
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answered on 05/03/2021
Non residents having income from salary in India are generally required to file their return in ITR Form 2. However, we need to thoroughly check all the different sources of income and then can decide which ITR form will be applicable. You can connect with our taxation expert directly on WhatsApp using the button […]
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 […]
