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.
