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Sanjeev Govila | Answer |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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Question by Narik - Jul 13, 2021Hindi

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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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Asked by Anonymous - Dec 09, 2024Hindi

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What is the maximum amt my sister leaving in america n is green card holder can gift me without any tax liability for both of us. Can gift deed stamp be signed post dated when ever she comes to India next year

Ans: There is no limits for giving gifts to relatives. Further, it is advisable to execute gift deed before giving gift.

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Question by Ramanand - Dec 23, 2024Hindi

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(1) I want to pay the university fees of my grand daughter in a US university (Duke University, North Carolina). How can I do it through say SBI. I understand grand parents are not entitled. I such case how can I transfer the fees and what are the tax implications? (2) How much of INR I can give as a gift to my US based daughter through SBI without any tax liability and with tax liability?

Ans: 01. it is advisable for you to gift the amount to your son or daughter-in-law (Father or Mother of the student). There would not be any income tax complications for you. Please adopt banking channels for this transaction.
02. They in turn should pay the fees of their daughter studying in USA.
Most welcome for any further clarifications. Thanks.

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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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