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Question ID : 42290


If a NRI sends RS 10Lacs app to account of a Indian resident (Not close relative), whether Indian resident has to pay Gift tax or tax applicable to to his income including 10 Lacs as applicable .Is their any other reporting requirement also to RBI/Other authorities ?

Posted by Mahesh Kumar on May 23, 2022


Answer ID : 81512

If the following conditions are satisfied then any sum of money received without consideration (i.e., monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax: (1) Sum of money received without consideration. (2) The aggregate value of such sum of money received during the year exceeds Rs.50,000. However, In the following few relevant cases money so received is not taxable in the hands of recipient; 1.Money Received from close relatives. 2.Money received on the occasion of the marriage of the individual. 3.Money received under will/ by way of inheritance 4.Money received in contemplation of death of the payer or donor.

Posted by SURESH BABU P on May 28, 2022
Answer ID : 81513

Income tax is applicable if not received from relative. There is no RBI reporting requirements for remittance other than trade transactions.

Posted by CA. chunauti dholakia on May 28, 2022