Hello,
I want to know that if a NRI gifts his property to a resident of India on the occasion of his marriage, will he be liable to any Gift Tax?
The NRI is not the relative of the resident. He is a friend.
If it is exempt, under which section?
Nikhil Sikka (Director) (25 Points)
31 March 2012Hello,
I want to know that if a NRI gifts his property to a resident of India on the occasion of his marriage, will he be liable to any Gift Tax?
The NRI is not the relative of the resident. He is a friend.
If it is exempt, under which section?
Nikhil Sikka
(Director)
(25 Points)
Replied 31 March 2012
Thanks for the reply.
Under what circumstances gifts during marriage are exempt?
Under what circumstances gifts from NRI are exempt?
manish sharma
(ca final)
(110 Points)
Replied 31 March 2012
Dear Nikhil Ji
1.Gift during marriage is taxable if the amount of gift exceed Rs.50000/-,gift received from relative is exempt form tax there is no monetry limit.
2.Gift received from NRI is also taxable there is no circumstances gift from NRI are exempt.
with warm regard
manish sharma
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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