Poonawalla fincorp
Poonawalla fincorp

Gift by nri son to resident mother or vice versa

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 November 2014 One NRI acquired shares/ platinum/ gold in India during his NRI status. Now he wants to gift these to his mother. whether the transfer of these assets is taxable in his hands and what is the tax liability in his mothers hand.

Please advise
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 November 2014 1. Transfer of capital asset by way of GIFT is NOT TAXABLE as per Section 47 of the Income Tax Act.

2. Gifts received from RELATIVES is NOT TAXABLE as per Section 56(2)(vii)

So gift by son to his mother has NO tax implication in the hands of both
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
24 November 2014 gifts to relatives are not taxable..........
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