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Tuesday, 8 July, 2025

Budget extends tax on NRIs for receiving gifts from resident Indians

The Finance Bill 2019 has imposed tax on any sum of money paid or any property situated in India, transferred by a person resident in India to a person outside India, as it would be deemed to accrue or arise in India. The changes will be applied for all such transfers made on or after July 5, 2019.

Budget extends tax on NRIs for receiving gifts from resident Indians

New Delhi: Union Finance Minister Nirmala Sitharaman along with Union Minister of State for Finance Anurag Thakur, arrives at Parliament to present the Union Budget 2019, in New Delhi on July 5, 2019. Setting a new precedent Union Finance Minister Nirmala Sitharaman on Friday is seen hugging the budget documents wrapped in a red cloth, the traditional 'bahi khaata' way, instead of the leather briefcase that until now her predecessors walked around with. (Photo: IANS)