Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: cpt :: empanelment :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Gift from certain relatives is tax free in India
August, 06th 2016

After living in the US for 10 years, I returned to India last week. Will my rupee deposits in Indian accounts be taxed differently with the change in my residential status?

—Nagesh Hariharan

Interest earned on non-resident external (NRE) and foreign currency non-resident (FCNR) accounts is not taxable in India until you qualify as a ‘resident’ and ‘ordinarily resident’ for tax in India.

Interest earned on a non-resident ordinary (NRO) account is taxable in India irrespective of your tax residential status. So, it is likely that there is no immediate impact on your taxability in India.

Interest income earned from savings bank accounts in India is eligible for tax deduction of Rs10,000.

I have recently moved to the UK and want to remit money every month to my parents who live in India. Who will be taxed for this?

—Rajat Gulati

Remittance from the UK every month to your parents in India is not liable to tax in India either in your or your parents’ hands. There is a specific exemption under Indian income tax laws on cash or gifts from relatives.

I am an NRI in Canada and want to buy agricultural land jointly with my brother in Punjab. How will the transaction be taxed?

—Harsimran Bhramra

There is no income tax implication on purchase of immovable property.

However, under the Indian exchange control rules (Foreign Exchange Management Act), while an NRI or a person of Indian origin (PIO) such as yourself is permitted to buy immovable property in India, purchase of agricultural land, farmhouse and plantation property is not permitted.

Therefore, gift of a commercial plot by you to your sister in India will not be liable to tax in India.

I want to gift a commercial plot worth Rs15 lakh to my sister in India. I’m a PIO based in the UK. Will she be taxed on this transaction? If yes, how will that be taxed?

—Harminder Bajwa

Gifts, including cash and immovable property, from a relative are not liable to tax in the hands of the recipient or in the hands of the person giving the gift.

A relative is defined to include spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, any lineal ascendant or descendant, any lineal ascendant or descendant of the spouse, and others.

Therefore, gift of a commercial plot by you to your sister in India will not be liable to tax in India.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions