Limit of Gift amount.

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umesharya
Member since: Dec 03

Posts: 20
Location: Brampton-ON
Post ID: #PID

Posted on: 09-10-06 15:30:49

Hi All,

If someone send me gift amount from my homeland, whats the limit of gift amount I can recieve per annum and is there any tax implecations on the gift amount ?
If some taxes are applicable, then is there any limit of gift amount which I can recieve tax free?

Thanks
Umesh

Desi # 1
Member since: Dec 03

Posts: 1420
Location: Mississauga
Post ID: #PID

Posted on: 10-10-06 05:23:45

Quote:
Originally posted by umesharya

Hi All,

If someone send me gift amount from my homeland, whats the limit of gift amount I can recieve per annum and is there any tax implecations on the gift amount ?
If some taxes are applicable, then is there any limit of gift amount which I can recieve tax free?

Thanks
Umesh

As per RBI guidelines $5KUS limit for Donor. Donee can accept as much he or she can digest.

I assume there should be no tax on gifts.

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Limit of Gift amount.

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