With the passing of the Finance Bill 2019 in Parliament, some changes have been made in the rule regarding the taxation of gifts given by resident individuals to non-resident Indians (NRIs).
According to changes made at the time of passing Budget 2019, only money paid by a resident individual to a ‘person outside India without any consideration will be considered as taxable in the hands of the receiver’.
Amendments at the time of passing of Budget 2019 have specifically define the ‘person outside India’ as non-resident or foreign company.
