Dear Gopal, Gift deed is to avoid any future problem from taxation authorities. The gifting from NRI son to parents is tax free for the recipient. No limit is there on gifting amount.
Dear Ashal,
Does that mean Gift Deed is mandatory ?
Can you please advise whether NRI’s gift of money > 1 lakh to close blood relative ie Father, Mother (Resident Indian) is also taxable for the recipient ?
Dear Gopal, Gift deed is to avoid any future problem from taxation authorities. The gifting from NRI son to parents is tax free for the recipient. No limit is there on gifting amount.
Thanks
Ashal
Dear Gopal, it’s in your own interest to prepare a gift deed to avoid any issue later on from income tax authorities.
Thanks
Ashal
Dear Ashal,
Does that mean Gift Deed is mandatory ?
Can you please advise whether NRI’s gift of money > 1 lakh to close blood relative ie Father, Mother (Resident Indian) is also taxable for the recipient ?