Will he be taxed in the UK?
And will I have to pay Tax on my money again?
2006-10-02 04:21:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ India
India , giving gift out of declared money is not taxable , since Gift Tax Act is abolished now. However, there is restriction of sending or remitting money to person outside India in form of GIFT as per RBI act. No resident is allowed to send more than 5000 US dollar a year to a persons outside India . If you want to send more money , you can but only with permission from RBI.Check the link below for complete FAQ on RBI guidelines
Please check with your Son-In Law if gifts he receives will be taxed there.
2006-10-03 01:15:25 · answer #1 · answered by q4tax 3 · 0⤊ 0⤋
Transfer of funds from ordinary resident account to NRI accounts aer not permitted. For sending Gifts in small may be permitted, but you have to submit Form A2 to RBI, through your Bankers.
You verify with your Bankers, about his they will clearly tell you the details
2006-10-02 05:59:28 · answer #2 · answered by ar.samy 6 · 0⤊ 0⤋
plz dont send indian currency to overseas,tell him to send british pound to india.It will be good for Indian economy.
2006-10-02 04:33:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
for dowry..oh no sorry dont send it. better you send it orphan, or elderly home, or blind scholl . uk they can survive any way pls. dont send
2006-10-02 04:25:43 · answer #4 · answered by Sekar 4 · 0⤊ 0⤋