04 October 2023
My sister, an American citizen, of Indian Origin, recently passed away in India. She had, by an email sent to her son ( also an American Citizen ) just a few days prior to her death, given instructions on disposal of her funds lying in her late husband's NRO account in India. The son is complying with her wishes. We, her siblings, are the recipients of these funds. Are we, under the IT Act, exempt from paying gift tax on the same ?
CAclubindia
