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Thread: Parents in India gifting money for buying house -Any tax liability ?

  1. #1
    Join Date
    Aug 2015
    Location
    New Zealand
    Posts
    111

    Default Parents in India gifting money for buying house -Any tax liability ?

    Hi there

    Once I get my PR, I intend to buy a house in NZ
    My parents in India would like to send me some money as gift to enable me to make the down payment for the same.
    The money would be transferred from India to NZ through official banking channels directly from their bank account in India to my savings bank account in NZ

    I wanted to know if there is any tax levied on the amount received and do I have to report the same to IRD by filling any forms

    Also do my parents have complete any paperwork in India and send to me showing that the money is a gift and does not have to be paid back ?

    Thanks for advising

  2. #2
    Join Date
    Jun 2008
    Location
    S'pore-2-AKL again
    Posts
    877

    Default

    No, gift duties are not taxable any more.

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