12 February 2023
One of my client is Resident Indian and he received enhanced compensation from Compulsory acquisition of Land by State Govt. He wants to Gift the same money to his NRI Son. 1. Whether it is taxed as per Gift Tax or Income Tax act to Father or NRI son or Not Taxable as exceeding 50000/. 2. How the same money can be remitted to USA. Under LRS scheme. 3. Whether the same money be taxable in USA to NRI son or Not. 4. Whether gift to NRI relative exceeding 50000 is taxable to NRI in India or not. Pl guide.
12 February 2023
1. No tax liability over gift to relative. 2. Yes. 3. Not sure, but gift may not be taxable even under IRS. 4. Not taxable, for any amount in India.
CAclubindia
