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Non-resident Indians (NRIs) often send money to their family back home. This can be for various reasons like :
NRIs often send money to their families in India—for daily expenses, financial goals, or asset creation. Among these transfers, cash gifts are common, especially during special occasions.
But while gifting is allowed, you must understand the tax implications under Indian law. Here's everything you need to know.
The Foreign Exchange Management Act (FEMA) dictates the rules for NRIs giving gifts to resident Indians. However, the Income Tax Act of 1961 dictates the rules of tax on gift money. The Income Tax Act defines gifts as any asset or cash received without the obligation to return it.
NRIs can gift a wide range of assets, including:
*Gifting of immovable property and shares/securities by NRIs to resident Indians is subject to specific conditions and regulatory compliance under FEMA and other applicable laws. It is advisable to consult with a financial or legal expert before proceeding with such transactions.
Knowing the tax on cash gifts to parents in India is important. Tax might be applicable on both the NRI giving cash gifts and the resident Indian receiving them. So, here’s what you need to know:
Cash Holding Limits for Recipients: While NRIs/OCIs can gift cash, the resident recipient is restricted from holding more than USD 2,000 or its equivalent in foreign currency at any given time.
Documentation Requirements: For significant gifts, especially those involving immovable property or substantial amounts, it's advisable to execute a gift deed. This deed should be on stamp paper and signed by both the donor and the recipient.
If an NRI gives a cash gift to a resident Indian, a gift deed becomes mandatory. As defined under Section 17 of the Registration Act of 1908, you should execute the gift deed on a stamp paper. Moreover, the NRI and the receiver are required to sign the gift deed.
Here’s how you can draft a gift deed to comply with the legal requirements -
There are various options to ensure that your cash gifts reach your loved ones back home safely. These options are as follows -
To give a seamless and cost-effective cash gift to your loved ones, here are some tips that can help -
Knowledge of the rules of tax on gift money can help you claim eligible tax exemptions and enjoy the joy of gifting. You also need a high-quality banking solution that ensures cost-effective and compliant fund transfers across borders.
IDFC FIRST Bank NRI banking services help you with secure and seamless cash gift transfers to India. Open an NRO or NRE bank account and send funds at your convenience wherever you are. You can also get wealth management support from the bank’s executives when sending high-value gifts and optimising tax benefits.
Celebrate life's milestones without borders or tax worries—with IDFC FIRST Bank by your side.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.