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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Jan 26, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by S on Jan 24, 2024Hindi

Money

My mother in India wants to send about INR 10 Lakhs, as gift to my sister, who is a US citizen, in USA. Please suggest ways to do this EssDee

Ans: Your mother can easily send it using banking channels. The facility is available on bank websites or the bank branch can be contacted for it. There are many other companies available which can facilitate it.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am NRI who returned to INDIA. I still got funds in USA and I want to give gift to some of my immediate relatives. My question is: How much USD can I gift to immediate relatives without having any tax payment for them in India? Thanks

Ans: There is no gift tax in India (including for an NRI) to immediate relatives (spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, any lineal ascendant or descendent, any lineal ascendant or descendent of the spouse, spouse of the persons mentioned above). Both the parties (i.e) the giver and the receiver need not pay any taxes on the gifts. If the gift is in the form of an investment/asset, then the tax liability will shift to the recipient of the gift.

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Question by V - Apr 22, 2023Hindi

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Please let me how much USD can a person transfer to his/her near relatives like father, mother, sister brother savings account in India in a year without any tax implications from either country.

Ans: Hi
The limit for remittance of funds out of India and its tax implication are independent of each other and should not be mixed. Likewise for a Indian resident, the limit for remittance under the Liberalised Remittance Scheme (LRS) is USD 250,000 however before remittance all applicable taxes have to be paid

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Asked by Anonymous - Jul 07, 2023Hindi

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Sir I am senior citizen retired from bankservice 8 year ago.My second daughter is now Canadian citizen after her marriage. My question is I want to gift her huge sum of money to buy a property in pune OfCourse out of my retirement corpus. can you guide me how to go about it and tax implications

Ans: Amount received from father as gift is not an Income in the hands of recipient daughter. Kindly execute gift deed for the same.

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Asked by Anonymous - Feb 08, 2024Hindi

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Hi.... My mother is in abroad with me, And she wants to draft a will to share or gift her property with my only sister and myself in India. kindly suggest what is the correct way of executing this transfer of property.

Ans: I can certainly assist in drafting a will.

You also need to understand implications where you are currently residing. I can certainly assist.

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Hello Sir- My Son has got 247 marks in BITSAT and he wants to build his career in Fintech companies, for that he want to have Msc Economics in any one of the campus. Woukd it be a wise decision to do Dual degree and what are the chances to get Msc Economics.

Ans: Yes Nikhil Sir. Can go ahead as he is much interested in it. All the BEST for Your Son's Bright Future.

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Hi sir My daughter got ECE in SASTRA University Thanjavur. But we are waiting for Anna University Counceling for B.Arch..Because she got NATA score 149. Board mark 458, total cut off 332. Please suggest which course is good for future for my daughter Barch or Btech ECE. She is interested on both course.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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