Picture an NRI receiving a gift worth lakhs of rupees from someone back home in India. Will it be taxable? The answer isn't as straightforward as it may seem. Whether a gift is tax-free or taxable depends on who gave it, what the gift is, and the relevant tax and FEMA rules. Missteps can be costly, especially if the money or asset has already changed hands.
Here's what every NRI should know before accepting a gift from a resident Indian.
