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Gift of money from NRI relatives(Not blood relative but a far relative) is it exempted from Income tax? |
A relative (NRI)gifts considerable amount to another far relative in India(but not a blood relative). Does such a gift or transfer of funds exempted from Income tax in India? It is taxable if you send a cheque other then NRE A/c cheque. To avoid Gift tax please issue your NRE A/c cheque. It is tax free and not taxable even if you give a gift to street dog (Used the words "street dog just for fun sake"- hope you do not misunder stand my words). If you are so particular about gift to your distant relatives, please open a NRE A/c in India, transfer your funds to NRE A/c and then issue them a cheque as a gift. Also give a letter to them that you have gifted that amount through your NRE A/c. nri gift from non blood relations taxable. |
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