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TMI BlogTAX ON GIFT OF MONEY BY FATHER TO DAUGHTER LIVING IN USA(NRI)X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All, I want to know that whether tax is levied on recipient of gift from relative in India with effect from Finance Act, 2019 .?? I heard that a resident indian can gift upto $2,50,000 to his/her relative(NRI) living in USA as per liberalized remittance scheme. Please suggest me how much money a father can gift( resident in india) to her NRI Daughter living in USA?? - Reply By DEV KU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MAR KOTHARI - The Reply = Q. I want to know that whether tax is levied on recipient of gift from relative in India with effect from Finance Act, 2019 .?? Ans. There seems no tax under Income Tax Act, 1961 . Gift from father to daughter is a capital and personal outgo in hands of father and capital receipt in hands of daughter. Regarding remittances permitted- check website of RBI at the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime of remittance because there can be changes frequently. I believe that in USA also amount received by daughter from father ( from India) will also be capital receipt. However , check with US tax consultants in this regard. If you have any specific provision in mind, mention in the query. In query raised some home work must be reflected for sharing knowledge and discussion. - Reply By NI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SHANT SHAH - The Reply = Ok thanks Sir for your valuable reply. I understand that father can gift to her daughter and no taxability arised from father point of view but I doubt that tax would be levied to daughter living in USA as receipient of gift income from father who is resident in india according to law of USA. Needs more clarity in this issue. If someone who is expert in this, they may p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lease suggest their view on taxability on foreigner NRI taking gift from Indian relative.. Whether tax is levied on receipient in USA since according to my knowledge, USA law is changed for declaring even gift amount in their ITR as income and they are required to pay tax at there considering it as global income ?? - Reply By Ganeshan Kalyani - The Reply = I agree with Sri Kothari Sir, US consu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltant to be consulted. - Reply By NISHANT SHAH - The Reply = OK Sir Thank you.. - TAX ON GIFT OF MONEY BY FATHER TO DAUGHTER LIVING IN USA(NRI) - Query Started By: - NISHANT SHAH Dated:- 10-6-2020 Income Tax - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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