Abbas Jamesha (Manager (Accounts)) (89 Points)
14 December 2009Dear Members / Students,
I would appreciate if anyone could help me.
I am NRI and I am planning to transfer Rs. 12 Lacs from my NRI account to my wife's Indian Rupee account. My wife is resident of India and also resident of another European country. Out of the transferred funds, my wife will purchase a plot in India on her name, value of Rs. 12 Lacs.
Do I need to pay Gift Tax?
Best regards,
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 15 December 2009
No, you will not have to pay gift tax and gift to relatives (as defined in the Income Tax Act) are exempt from purview of taxation. So you will not be required to pay any Income Tax or Gift Tax.
CAclubindia
