Calling All

[pavan_613]

[quote name='Little Star' timestamp='1363100441' post='1303408917']

calling DB Rosaiah Citi [img]https://lh4.googleusercontent.com/-Wz3-pV5v8wE/USWWW7b3ZSI/AAAAAAAAKJk/D2_jgAkEvB4/s150/Brahmi-4.gif[/img]
[/quote]

30 cents down anukunta

[galiraju]

[quote name='Little Star' timestamp='1363100225' post='1303408886']
ardham kaale bhayya..ante emanna limit untada vaatiki?
[/quote]
[b]Tax in India[/b]
Prior to 1998, gifts used to be taxed in the hands of the giver in the form of Gift Tax. However, in 1998, this Gift Tax was abolished. Subsequently in 2004, a new tax on gifts was introduced in the [url="http://timesofindia.indiatimes.com/topic/Income-Tax"]Income Tax[/url] Act according to which, tax would be levied, in certain cases, in the hands of the receiver.
[img]http://articles.timesofindia.indiatimes.com/images/pixel.gif[/img]
According to this provision, any gifts in excess of Rs 50,000 received by an individual will be taxed in the hands of the receiver. The value of the gift would be added to the receiver's total income and tax would be calculated thereon. This includes cash gifts as well as gifts in kind. For gifts in kind, such as property, jewellery etc., the asset must necessarily arise in India and for valuation purposes, certain rules would apply: -In case of immovable property, the value will be based on the stamp duty value of the property -In case of any other property such as shares and securities, jewellery, paintings, work of art etc., value would be based on the fair market value of such property
However, there are some exemptions to the tax on gifts: -Any gift received from a blood 'relative' is exempt even beyond the limit of Rs 50,000 ('relative' in this case is defined as spouse, brother or sister, spouse's brother or sister, parents and lineal ascendants of individual or his spouse, siblings of parents of individual or his spouse) -Gifts received on occasion of marriage are also exempt beyond the limit of Rs 50,000 -Gifts received under Will or inheritance are exempt beyond the limit of Rs 50,000
In a nutshell, as an NRI, if you make gifts to people in India, the onus of paying tax in India would be on the recipients. Recipients in India who are 'relatives' would not have to pay any tax while non-relatives would have to pay tax on gifts in excess of Rs 50,000.

[littlestar]

[quote name='Pirate_' timestamp='1363100517' post='1303408924']
declare chayali....yeah more than 13K itahe u are eligible for gift tax anukuntaa
[/quote]
13k ne naa..gift tax aa..

positive aa negative aa manaki..ante is it good to send money outside US?

[manmadudhu]

[quote name='Little Star' timestamp='1363100493' post='1303408921']
okkokadi high numbers lo pampistharu..vadu evadiki bhayapadadu..mana lantollu chinna number la ki kuda ekkuva alochistam [img]https://lh4.googleusercontent.com/-Wz3-pV5v8wE/USWWW7b3ZSI/AAAAAAAAKJk/D2_jgAkEvB4/s150/Brahmi-4.gif[/img]
[/quote]
prob em undadhu reddy garu simple logic....tat amount is accounted fr in either of the countries.....bt only thing u hv to confirm is whether how much amount u can send to india per month and per yr....

[galiraju]

[quote name='Little Star' timestamp='1363100591' post='1303408932']
13k ne naa..gift tax aa..

positive aa negative aa manaki..ante is it good to send money outside US?
[/quote]
[b]Tax in the US[/b]
In the US, tax on gifts is levied in the hands of the donor, so an Indian American making a gift to someone in India may attract tax in the US depending on the amount gifted. This includes cash gifts as well as property, irrespective of where the property is located. It also includes cash transfers made from the NRE or NRO account. Currently, gift tax exemption limits are fairly liberal and are as follows: -You can make gifts of up to $13,000 per gift to as many people as you like in a year without paying any gift tax. The only things to remember is that each recipient must not get more than $13,000 in the year. Also, this is an individual limit. So a couple can make gifts up to $26,000. oExample 1: You gift your mother $13,000 and your brother $13,000 in 2012. You pay no gift tax in the US. oExample 2: You gift your mother $50,000 and your brother $13,000 in 2012. $26,000 will be exempt from gift tax. -In case of gifts in excess of the $13,000 limit, you can still pay zero tax as long as you do not exceed the lifetime exemption limit. Currently, that is for 2012, up to $5,120,000 is allowed to be gifted/ bequeathed by a person during his lifetime without any tax implication. Any gifts made in excess of the $13,000 limit will be reduced from the $5,120,000 exemption limit. Anything in excess of this limit will be taxed at 35%.
[img]http://articles.timesofindia.indiatimes.com/images/pixel.gif[/img]
[b]Reporting in the US[/b]
If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) if you gave gifts to someone in the year totaling more than $13,000. You must do this by filing Form 709.
[b]Tax planning[/b]
There are 3 circumstances under which you do not have to file Form 709. If you make gifts to political organizations, if you make payments directly to educational institutes on behalf of a student or if you make payments directly to health care providers on behalf of someone who received medical treatment under them. These 3 payments are not considered as gifts.
"For those looking to pass on gifts to the next generation, using the educational exclusion can be a good tax planning tool," advises Vinay Navani, CPA and director of tax at New Jersey based firm Wilkin & Guttenplan, P.C.
"There is no explicit requirement that the educational institution be based in the US, just that it would qualify for tax exempt status in the US, not necessarily that it has US tax exempt status. In short, as long as the educational institution is acting like a US tax exempt educational institution, it should qualify," he adds.

[pavan_613]

[quote name='Little Star' timestamp='1363100509' post='1303408923']

pora pithre [img]https://lh4.googleusercontent.com/-Wz3-pV5v8wE/USWWW7b3ZSI/AAAAAAAAKJk/D2_jgAkEvB4/s150/Brahmi-4.gif[/img]
[/quote]


I will complain to tax department

[galiraju]

[quote name='Little Star' timestamp='1363100591' post='1303408932']
13k ne naa..gift tax aa..

positive aa negative aa manaki..ante is it good to send money outside US?
[/quote]
mee father, mother untae 2*13k...wife kuda unate another 13k....may be brother kuda elligible emo i dunno that

[littlestar]

[quote name='Pirate_' timestamp='1363100591' post='1303408931']
[b]Tax in India[/b]
Prior to 1998, gifts used to be taxed in the hands of the giver in the form of Gift Tax. However, in 1998, this Gift Tax was abolished. Subsequently in 2004, a new tax on gifts was introduced in the [url="http://timesofindia.indiatimes.com/topic/Income-Tax"]Income Tax[/url] Act according to which, tax would be levied, in certain cases, in the hands of the receiver.
[img]http://articles.timesofindia.indiatimes.com/images/pixel.gif[/img]
According to this provision, any gifts in excess of Rs 50,000 received by an individual will be taxed in the hands of the receiver. The value of the gift would be added to the receiver's total income and tax would be calculated thereon. This includes cash gifts as well as gifts in kind. For gifts in kind, such as property, jewellery etc., the asset must necessarily arise in India and for valuation purposes, certain rules would apply: -In case of immovable property, the value will be based on the stamp duty value of the property -In case of any other property such as shares and securities, jewellery, paintings, work of art etc., value would be based on the fair market value of such property
However, there are some exemptions to the tax on gifts: -Any gift received from a blood 'relative' is exempt even beyond the limit of Rs 50,000 ('relative' in this case is defined as spouse, brother or sister, spouse's brother or sister, parents and lineal ascendants of individual or his spouse, siblings of parents of individual or his spouse) -Gifts received on occasion of marriage are also exempt beyond the limit of Rs 50,000 -Gifts received under Will or inheritance are exempt beyond the limit of Rs 50,000
In a nutshell, as an NRI, if you make gifts to people in India, the onus of paying tax in India would be on the recipients. Recipients in India who are 'relatives' would not have to pay any tax while non-relatives would have to pay tax on gifts in excess of Rs 50,000.
[/quote]
[b][color=#282828][font=helvetica, arial, sans-serif]Recipients in India who are 'relatives' would not have to pay any tax while non-relatives would have to pay tax on gifts in excess of Rs 50,000.[/font][/color][/b]

[color=#282828][font=helvetica, arial, sans-serif]ee point nachhindi[/font][/color]

[littlestar]

[quote name='CITI' timestamp='1363100666' post='1303408946']
I will complain to tax department
[/quote]
mundu nee tax file cheskuni matladu

[littlestar]

[quote name='Pirate_' timestamp='1363100724' post='1303408950']
mee father, mother untae 2*13k...wife kuda unate another 13k....may be brother kuda elligible emo i dunno that
[/quote]
father already IT pay chesthunnadu bhayya..ippudu ee money kuda pampisthe daniki kuda kattali anta

mother never paid IT..recent ga vachhindi pan card..adi kuda bank nundi withdraw chese appudu adugutharemo ani theeskundi

[pavan_613]

[quote name='Little Star' timestamp='1363100763' post='1303408956']

mundu nee tax file cheskuni matladu
[/quote]


Cheyyali ra ayya

[pavan_613]

[quote name='Little Star' timestamp='1363100814' post='1303408964']

father already IT pay chesthunnadu bhayya..ippudu ee money kuda pampisthe daniki kuda kattali anta

mother never paid IT..recent ga vachhindi pan card..adi kuda bank nundi withdraw chese appudu adugutharemo ani theeskundi
[/quote]



Ha ha intha bhayam endhuku bey neeeee

[galiraju]

[quote name='Little Star' timestamp='1363100814' post='1303408964']
[b]father already IT pay chesthunnadu bhayya..ippudu ee money kuda pampisthe daniki kuda kattali anta[/b]

mother never paid IT..recent ga vachhindi pan card..adi kuda bank nundi withdraw chese appudu adugutharemo ani theeskundi
[/quote]
avunaaa...CA ni adigavaaa..endukanate...edi iyaanaa earned money kaadu kada gift money...i dont find it logical

[littlestar]

[quote name='Pirate_' timestamp='1363101082' post='1303408989']
avunaaa...CA ni adigavaaa..endukanate...edi iyaanaa earned money kaadu kada gift money...i dont find it logical
[/quote]CA varaku pole bhayya..dad annadu adi..may be malli check cheyyali

[pavan_613]

[quote name='Little Star' timestamp='1363101208' post='1303409000']
CA varaku pole bhayya..dad annadu adi..may be malli check cheyyali
[/quote]


Tension nahi leneka bey ....