Gift tax
This query is : Resolved
Vishnu Kumar Sodhani
(Querist)
14 June 2013
Dear All,
My query is as below:
One NRI is living in Dubai and his wife came to India to purchase prooperty in Mumbai. He wants to transfer fund in his wife saving a\c in Mumbai and from that amount she can purchase the property in her own name. The husband will show this amount as gift. Amount is approx 50 lacs.
Q.: Is there gift tax will attract and what is alternate to save the gift tax?
Regards,
Vishnu
My query is as below:
One NRI is living in Dubai and his wife came to India to purchase prooperty in Mumbai. He wants to transfer fund in his wife saving a\c in Mumbai and from that amount she can purchase the property in her own name. The husband will show this amount as gift. Amount is approx 50 lacs.
Q.: Is there gift tax will attract and what is alternate to save the gift tax?
Regards,
Vishnu
CA.Vinita Gupta
(Expert)
16 June 2013
Gifts from Husband to Wife are exempt from tax as it falls in the definition of Relative
Vishnu Kumar Sodhani
(Querist)
17 June 2013
Thanks a lot...
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