• Gift

i am a nri working in gulf. my wife is resident in india. i want to gift 25lac from my nre account through online transfer to her account. what are tax implications? she has interest income below taxable limit
pls guide
my email id
skrkumar@rediffmail.com
Asked 6 years ago in Income Tax

Hi,

Sir, you can gift her any amount. It will be tax free. Please ensure the following:

1. Enter into a gift deed with your wife.

2. Your wife has to report the gift in her return of income as an exemption income

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

Hello,

It is preferable to file IT Return if you have taxable income in India.

You will have to check your ward by visiting the IT office in Bangalore or consult a professional practicing in Bangalore.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

5.0 on 5.0

Hi,

Gift from you to your wife will be exempt in her hands. However, it is advisable to enter into a gift deed (on a plain paper) between the two of you.

Filing of return is compulsory if your taxable income exceeds the threshold limit. If you do not, then there is a penalty if you do not file your return of income. You can file your return electronically.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
27 Consultations

5.0 on 5.0

There is no tax liability for gift of Rs 25 L to your wife. However, if there is any income earned on such income, it can be clubbed with your income. As both of you don't have any taxable income, it has no significant impact.

You can e-file your return by giving your present address. You need not worry about the jurisdiction, unless the case is transferred to your jurisdictional officer.

B Vijaya Kumar
CA, Hyderabad
1001 Answers
124 Consultations

5.0 on 5.0

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