NRI taxation: How will a gift from cousin be taxed?
4 weeks ago

NRI taxation: How will a gift from cousin be taxed?

Live Mint  

My wife and I live and work in France. My wife’s cousin wanted to gift her money by wire transfer after we hosted her cousin’s family recently while on their trip to France. -Name withheld on request Under foreign exchange regulations, your wife’s cousin is permitted to gift money by making a remittance to your wife’s bank account in France. Therefore, any gift exceeding ₹50,000 in a financial year would be subject to tax in your wife’s name on the full amount of the gift. -Name withheld on request Correct your residential status in your income tax return to ensure accurate tax computation and to avoid losing tax benefits that are available to non-residents.

India France Gift Wife My Wife Nri Taxation  taxed  filing  cousin  wifes  wife  return  revised  gift  status  nri  taxation  implications  tax

Discover Related