Comments on: NRI status for Gift Tax http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/ Think - Plan - Invest Tue, 16 Mar 2010 19:22:07 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: dhaval http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-8132 dhaval Wed, 25 Nov 2009 09:07:29 +0000 http://www.thinkplaninvest.com/?p=1715#comment-8132 Sir, I am waiting for the answer for the queries raised on 23rd Nov by me regarding NRI income investment & tax implicity Please clear me. Thanks Dhaval Sir,
I am waiting for the answer for the queries raised on 23rd Nov by me regarding NRI income investment & tax implicity
Please clear me.
Thanks
Dhaval

]]> By: dhaval http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-8070 dhaval Mon, 23 Nov 2009 10:04:40 +0000 http://www.thinkplaninvest.com/?p=1715#comment-8070 Sir, From your article of NRI status & gifttax it is clear that gift from NRE account is totally free given to anybody whether relative or nonrelative. But I am still confused who will be tax liable of the income generated from investment of this gift/money in India. As per my knowledge if indian income i represent as a gift to relative/nonrelative than income generated from this gift will be clubbed to me. But in this case this income generated outside india & given to relative/nonrelative so tax liability will be that particular individual or still of me. Also let me know it will be the same that i give gift from my NRE account(india) or directly transfer from foreign exchange to particular savings account in India. It will be same gift law or diffrerent laws there Please clear the subject. Thanks Dhaval Sir,
From your article of NRI status & gifttax it is clear that gift from NRE account is totally free given to anybody whether relative or nonrelative.
But I am still confused who will be tax liable of the income generated from investment of this gift/money in India.
As per my knowledge if indian income i represent as a gift to relative/nonrelative than income generated from this gift will be clubbed to me. But in this case this income generated outside india & given to relative/nonrelative so tax liability will be that particular individual or still of me.
Also let me know it will be the same that i give gift from my NRE account(india) or directly transfer from foreign exchange to particular savings account in India. It will be same gift law or diffrerent laws there
Please clear the subject.
Thanks
Dhaval

]]> By: dhaval http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-8024 dhaval Sun, 22 Nov 2009 06:46:09 +0000 http://www.thinkplaninvest.com/?p=1715#comment-8024 I am a NRI. If I give 5lakhs as a gift to my wife from my NRE account & in turn she invest this amount in small savings as MIS/KVP. I want to know who will be liable to pay the tax from the interest of these savings. My friend told me that if indian income I gift to wife than income generated will be clubbed to donor(me) but if NRI income to be gifted to relative than tax liability will be of donee. Is this true. Please clear me this issue. Thanks Dhaval I am a NRI. If I give 5lakhs as a gift to my wife from my NRE account & in turn she invest this amount in small savings as MIS/KVP. I want to know who will be liable to pay the tax from the interest of these savings. My friend told me that if indian income I gift to wife than income generated will be clubbed to donor(me) but if NRI income to be gifted to relative than tax liability will be of donee. Is this true.
Please clear me this issue.
Thanks
Dhaval

]]> By: dhaval http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-7997 dhaval Sat, 21 Nov 2009 08:33:41 +0000 http://www.thinkplaninvest.com/?p=1715#comment-7997 Sir, I am a NRI. I gave 5lakhs cheque as a gift to my wife normal savings accounts from my NRE account. She invested this amount in small savings as MIS/KVP. I want to know who will be liable to pay the tax from the interest of these savings. My friend told me that if indian income I gift to wife than income generated will be clubbed to donor(me) but if NRI income to be gifted to relative than tax liability will be of donee. Is this true. Please clear me this issue. Thanks Dhaval Sir,
I am a NRI. I gave 5lakhs cheque as a gift to my wife normal savings accounts from my NRE account. She invested this amount in small savings as MIS/KVP. I want to know who will be liable to pay the tax from the interest of these savings. My friend told me that if indian income I gift to wife than income generated will be clubbed to donor(me) but if NRI income to be gifted to relative than tax liability will be of donee. Is this true.
Please clear me this issue.
Thanks
Dhaval

]]> By: krishnas http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-7886 krishnas Mon, 16 Nov 2009 13:14:20 +0000 http://www.thinkplaninvest.com/?p=1715#comment-7886 Hello Dhaval, If you have the receipts of those transactions, that is enough. Thanks, Krishna Hello Dhaval,

If you have the receipts of those transactions, that is enough.

Thanks,
Krishna

]]> By: Dhaval http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-7872 Dhaval Mon, 16 Nov 2009 05:05:26 +0000 http://www.thinkplaninvest.com/?p=1715#comment-7872 Sir, I am a NRI. As per your comments for NRI gifttax , gift from NRE account is free from tax. But giving gift to spouse is totally free no matter from where it has been given. As I transfer some amount to my wife saving account from foreign exchange(NRI income) every month, Is it ok or any procedure required. I have all receipts of these transfer amounts from abroad. Any gift declaration required or it will be declared automatically as a gift as this is my NRI income. Please light me on this matter. Thanks Dhaval Sir,
I am a NRI. As per your comments for NRI gifttax , gift from NRE account is free from tax. But giving gift to spouse is totally free no matter from where it has been given. As I transfer some amount to my wife saving account from foreign exchange(NRI income) every month, Is it ok or any procedure required. I have all receipts of these transfer amounts from abroad. Any gift declaration required or it will be declared automatically as a gift as this is my NRI income.
Please light me on this matter.
Thanks
Dhaval

]]> By: Ted http://www.thinkplaninvest.com/2009/11/nri-status-for-gift-tax/comment-page-1/#comment-7871 Ted Mon, 16 Nov 2009 04:31:18 +0000 http://www.thinkplaninvest.com/?p=1715#comment-7871 Will the Gift to Children who is 18+ and 17+ and then return back to India in the same year, before March around 90 days be taxed? Under whose name the Income from a Bank Fixed deposit in names of children and the mother in the order 1,2,3 will be considered and is it a valid Gift as one Fixed deposit considers more names? Will the Gift to Children who is 18+ and 17+ and then return back to India in the same year, before March around 90 days be taxed?
Under whose name the Income from a Bank Fixed deposit in names of children and the mother in the order 1,2,3 will be considered and is it a valid Gift as one Fixed deposit considers more names?

]]>