Gift tax on Rs. one crore gift from my cousin

Forums Budget 2018 Gift tax on Rs. one crore gift from my cousin

Gift tax on Rs. one crore gift from my cousin

I’m receiving one crore rupee gift from my cousin sister — my father’s biological brothers daughter. My question is how much tax will I have to pay to Indian authorities. I’m USA citizen and OCI of India . Thanks in advance

Profile photo of Raj Sahu Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 10 months, 2 weeks ago
  • Profile photo of Raj SahuAnonymous

    I’m receiving one crore rupee gift from my cousin sister — my father’s biological brothers daughter. My question is how much tax will I have to pay to Indian authorities. I’m USA citizen and OCI of India . Thanks in advance

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    As per section relative means:

    1. spouse of the individual;
    2. brother or sister of the individual;
    3. brother or sister of the spouse of the individual;
    4. brother or sister of either of the parents of the individual;
    5. any lineal ascendant or descendant of the individual;
    6. any lineal ascendant or descendant of the spouse of the individual;
    7. spouse of the person referred to in clauses;

    As the list above does not cover your cousin any gift received from them will be taxable in your hand but if you receive the gift from your uncle then you will not be required to pay any tax. Hence your cousin can pay to his parent and then they can gift it to you.

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