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An NRI can gift shares to a resident Indian freely. The shares acquired through the PIS route cannot be transferred by way of a gift without prior approval from RBI unless they are being transferred to a relative as defined under Section 6 of Companies Act. There is no tax levied on the NRI gifting the shares.
Can I ship chocolates to India from USA?
So items such as cheeses and fruits are out of the question. Additionally, items such as cakes or chocolates are also tough to send as they are likely to melt in a hot weather or shipping depots in India that are not always air conditioned.
What is IGP company?
IGP.com (formerly known as IndianGiftsPortal.com) is India’s largest multi-category gifting company, providing one of the best curated collections of festival merchandise, gifts, fresh flowers, cakes, plants, gourmet foods & personalized products for all occasions & festivals.
Can NRI gift to another NRI?
Money/ liquid funds An NRI is allowed to receipt money as gift from a resident Indian under the Liberalized Remittance Scheme (“LRS”), within the limit of USD 250,000 in a financial year as prescribed therein. The donor and the recipient need not be close relatives.
How to gift property to an NRI in India?
When a resident Indian gives a gift in the form of cash, cheque, items, or property that is within the value of Rs. 50,000 to an NRI who is not a relative, both giver and receiver are exempt from tax in India.
Can NRIs receive gifts from relatives?
NRIs can receive gifts from relatives in forms of shares and securities provided it doesn’t exceed 5\% of the paid up capital of the company; the sectoral cap isn’t branched and the NRI is eligible to hold the securities Gifts that are received from a specified fund or trust or as a scholarship from educational institutions isn’t taxable
What are the tax benefits of Nri in India?
The existing exemptions available to a taxpayer in India will also apply to NRIs. Thus, any Gift of value below Rs 50,000 received by an NRI is tax-exempt. Any Gift of any value received by an NRI from specified relatives or blood-relations is tax-free.
Are gifts received from non-resident Indians taxable in India?
Any gift (movable or immovable) received by an NRI from a Relative / non-relative is considered as an income that is accrued outside India (foreign income). So, gifts given by Indian residents to non-resident Indians, apart from the specified list of relatives, would still be claimed as non-taxable.