WebFeb 8, 2024 · On gifts to Resident Indians from NRIs (non-relative) exceeding INR 50,000/-, receiver shall be liable to pay tax on the gift. (This shall be taxable as per their income tax slab) Gifts to Resident Indians from NRIs (irrespective of relation) on the occasion of marriage or through a will is exempted from tax in India for both giver and receiver. WebHow do gift money to family members Tax-free? There are many ways individuals in India can save tax under various sections of the Income Tax Act. One way to reduce tax outgo is by gifting money or investing in the name of specific relatives. Experts, however, suggest that it is better to invest the gifted money as it helps in saving tax and ...

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WebDec 28, 2024 · For 2024, the lifetime gift tax limit is $12.92 million (I told you it was high!). That's up from $12.06 million for 2024 (the figure is adjusted annually for inflation). Plus, if you're married ... rick woodley

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WebNov 30, 2024 · Explained: How you can save tax by gifting money to parents, children. Gifting money to specific relatives or investing in their … WebOct 12, 2024 · Tax for sending money from USA to India. If you’re in the US and want to send money to family members in India as a gift, per the IRS, the amount is excluded from taxes under the Gift Tax for gifts up to … WebSave Tax by Gifting to your Family. Investing in the name of your child, parents or spouse can help in saving taxes in India. Not only is this a legal method of saving, but it can also … rick wood attorney streetsboro ohio