Dear Mr.Reddy,
Hope your doing fine. I am an NRI would like to gift some amount of money to my daughter/wife which in turn they can invest in Fixed deposits. Please help me to understand the procedure for gifting. What is the maximum amount I can gift to my daughter & if my daughter invest in her name in FDs, whether the interest earned on FDs are taxable in her hands? Similarly whether I can give some amount as gift to my wife & if she invest in FDs in her name, whether the income from FDs are taxable in her hands? Is there any legal procedure to gift money from NRI to children or wife? Request you to help me in this regard.
Thanks in advance.
Rgds
Rajanna
1 Answers
Dear Rajanna ji,
I am doing fine,thank you. Trust all is well at your end too!
In both the cases these transactions are tax-exempt. However, the taxable income on FDs is clubbed to your income in case of Gift to your spouse. However, clubbing of income is not applicable in daughter's case.
You may kindly go through below articles ;
https://www.relakhs.com/gift-income-tax-rules-detailed-guide/
https://www.relakhs.com/sale-gifted-property-capital-gains/
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Dear Mr Reddy,
Thank you very much for your quick help about gifts.