Question:
Do I have to pay tax either in India or the US on the amount gifted to me
by my father?
— Mr. Fahad
Reply by Ms. Sonu Iyer, Tax Partner and National Leader, Human Capital
Services, EY
As per Indian tax laws any sum of money gifted by a father to a son is not
taxable in India. No documentation has been prescribed under Indian tax laws
but you may need to explain the source of this income to the tax authorities.
 |
| Sonu Iyer, EY |
So, it is advisable to maintain documents, like bank statements, that can
substantiate that the gift is actually received from a relative.
The gift is likely to be taxable in the US.
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