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NRI TAX IMPLICATIONS GIFTING SHARES
5 Bangalore landowners formed a partnership firm to develop property, received income tax notice for undisclosed rental income; won relief in ITAT for this reasonBangalore landowners get relief from undisclosed rental income tax notice after proving in ITAT that their partnership firm received the re...- Psychology says people who leave the price tag on gifts may be sending a message without saying a wordGift-givers often assumed that a higher price tag would make the recipient more grateful, believing that spending more was a sign of greate...
- Can NRIs save income tax by gifting shares to their resident parents? Know these tax rules before transferring sharesWhile giving shares to your parents who reside in your home country might appear as a thoughtful gesture, it has substantial tax considerat...
- UPI MDR may attract 18% GST; eligible merchants can claim input tax creditEffective October 15, UPI payments to merchants (P2M) above Rs 2,000 will attract a 0.4% merchant discount rate with an overall cap of Rs 3...
- UPI MDR above Rs 2,000 to attract 18% GST, merchants can claim input tax creditUPI payments to merchants above two thousand rupees will attract a zero point four percent merchant discount rate. Merchants will pay eight...
- How much money can NRIs transfer from NRO to NRE account in a year?Non-Resident Indians can effectively manage their Indian earnings via NRO accounts. They are allowed to transfer funds to NRE accounts, but...
- Canadian landlord asks tenant to vacate India property for personal use; Punjab & Haryana High Court rules in tenant’s favour; know whyTenant wins eviction case filed by Canadian landlord who cited personal reasons as the need for this property; Know how landlord lost the c...
- Indian property is an NRI favourite—but is it the smartest way to build wealth?For years, buying a home in India has been almost synonymous with investing for many Non-Resident Indians (NRIs). A flat in Mumbai, Delhi, ...
- HSBC, ICICI Bank emerge as biggest FX lenders to India’s diaspora in GIFT CityHSBC and ICICI Bank led lending under a special foreign-exchange swap program. These two banks disbursed a combined $19.3 billion through t...
- NRI woman declared Rs 43,796 income in ITR but didn’t report Rs 14 lakh interest; faced 200% penalty – how she got it reduced to 50% in ITATThe NRI woman's advocate explained that she is a 57-year-old lady with limited technological knowledge and had entrusted an accountant with...
- 2-hour wedding, flower decor given as gifts: Indian woman living in South Korea reveals unique marriage traditionsAn Indian woman living in South Korea shared her surprise at local wedding customs. South Korean weddings are brief, concluding within appr...
- Brother-in-law sold 26 bigha land using GPA for Rs 6.95 crore; didn't pay full share to sister-in-law; Delhi HC orders him to pay Rs 2.27 croreSister-in-law purchased 26 bighas of land in Najafgarh in 1985 and gave GPA to brother-in-law who in turn sold this land for Rs 6.95 crore ...
- 22-year-old girl gifts an iPhone 17 to her 19-year-old boyfriend but he doesn't want to keep itA 19 year old boy's reddit post about receiving an iphone 17 from his 22 year old girlfriend went viral, with the boy saying he felt overwh...
- GIFT City Unlocked: What investors need to know about accessing global marketsGIFT City is emerging as a gateway for Indian investors seeking global exposure, with new fund structures and financial products. The evolv...
- NRO account for NRIs: Which funds can be deposited, tax on interest and repatriation rulesFor NRIs, establishing or converting an existing bank account is vital upon confirming non-residence status. An NRO account facilitates the...
- Four banks including RBL and Bank of Maharashtra line up overseas fund raiseRBL Bank and Bank of Maharashtra are actively promoting dollar bonds in international markets as they look to refinance short-term loans ac...
- Indians can use crypto to buy groceries, fuel and gold through overseas gift-card platformsIndians can use cryptocurrencies to buy goods and services domestically through overseas fintech platforms that convert stablecoins and oth...
- Returning to India from the UK? Capital gains and inheritance tax may still applyNon-resident Indians should note that leaving the UK doesn't automatically terminate tax residency. Retaining connections might keep your t...
- Can NRIs gift money to an HUF and save tax? Check these income clubbing and tax rules before transferring fundsNRIs have the opportunity to gift money to their Hindu Undivided Family (HUF) without incurring immediate tax obligations. However, it's im...
- Can an NRI be a nominee for PPF, NSC or SCSS? Here’s what happens to the money after the account holder diesNRIs can now be nominees for India's small-savings schemes like PPF and NSC, a change from 2023. While they can receive proceeds, repatriat...
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