taxability of Gift in India

Taxability of GIFT

In this blog, we are going to understand the taxability of Gift in India, in case of individual. Gift is a sum of money or movable property (jewelry, shares etc.) or immovable property (house, plot, land etc) received or acquired by an individual without consideration or adequate consideration. If a person resident or non-resident including [...]
Liberalised Remittance Scheme

What is Liberalised Remittance Scheme (LRS)?

Under the Liberalised Remittance Scheme, all resident individuals are allowed to freely remit out of India up to USD 2,50,000 per financial year. It means a resident can remit money to his non resident relative under this LRS scheme, provided provisions of this scheme is fulfilled. As per current rule, If any forex transaction under [...]
Indian Income Tax Department

My Experience with New Income Tax Portal

Good news- Processing of ITRs of F.Y 2020-21 has already started There is a good news that Income Tax department has already started the processing and issuing refunds of the tax returns of F.Y 2020-21. Considering the fact that filings of F.Y 2020-21 have started very late this year, getting refund so fast is a [...]
Capital Gain on Securities

All About Capital Gain On Securities

I get a lot of enquiries from my NRI clients about implications of taxation on investments in mutual funds or any other securities in India. There is lot of confusion as few provisions of Indian income tax is different when redemption is done by NRIs as compare to when redemption is done by residents Indian. [...]
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