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Money gifts to NRIs are taxable from July 5, 2019, property gift tax rules unchanged

With the passing of the Finance Bill 2019, some changes have been made in the rule regarding the taxation of gifts given by resident individuals to non-resident Indians (NRIs). Now money paid by a resident individual to a 'person outside India without any consideration will be considered as taxable in the hands of the receiver'. Earlier gifts to NRIs were claimed to be accrued abroad and hence remained outside the tax net. With the passing of Finance Bill 2019, NRIs will have to disclose such gifts received from India and pay tax on it as per the tax rules applicable.

Read More at The Economic Times News date : 2 Aug 2019, Friday

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