An individual having no personal income but living on gifts from Indians and NRI >2500. Does he have pay tax?
822552
Answer is need not to pay Tax\n\nGift Tax shall not be charged in respect of gifts made by a person :-\n\n\nbeing a non-resident individual to any person resident in India, of foreign currency or other foreign exchange , remitted from a country outside India during the period from 26th October, 1965 to 28th February, 1966 or such later date as the Central Government may, by notification in the Official Gazette, specify in this behalf – Section 5(1)(iia) \nbeing a person resident outside India out of moneys standing to his credit in a Non-resident(External) Account in any bank in India-Section 5(1)(iib) \nbeing a non-resident Indian to any of his relatives in India, of convertible foreign exchange remitted from a country outside India- Section 5(1)(iic) \nbeing a non-resident Indian to any of his relatives in India of property in the form of any foreign exchange asset-section 5(1)(iid) \nregarding one time gift made out of any deposit held by him under the Non-Resident(Non-repatriable) Rupee Deposit Scheme, 1992 of the Reserve Bank of India-Section 5(1)(iie) \nto any of his relatives in the form of notified NRI bonds specified under Section 10(15)(iid) of the Income tax Act- section 5(1)(iie) \n\n\nIncome which do not form part of total income  \nAn Exemptions exclusively for non-residents/ foreigners\n\n\n\nAny Interest on or premium on redemption of such bonds or securities as the Central Government may notify. \nInterest on Non-Resident (External) Accounts in any bank in India by NRIs. The exemption is valid only so long as the individual resides outside India. When he returns to India, he will no longer be entitled to such exemption. However, if he applies to the RBI to maintain or continue the NRE account, the exemption will be available so long as the permission remains valid-Section 10(4)(ii). \nInterest on Foreign Currency Non-Resident Accounts \nInterest on Foreign Currency ( Ordinary Non-Repatriable) Deposit Scheme \nInterest on Non-Resident ( Non-Repatriable ) Rupee Deposit Scheme \nDividend on units of Unit trust of India provided the units are purchased from proceeds of foreign exchange remittance or from balances held in NR(E). FCNR accounts of the investor. \nInterest on specified Saving Certificates received by Non-Resident Indian citizens or Persons of Indian Origin provided such certificates have been subscribed in convertible foreign exchange remitted from outside India through official channels. \nAny allowance or perquisite paid or allowed as such outside India by the Government to a citizen of India for rendering services outside India- Section 10(7). \nTax on remuneration to a non-resident technician- tax paid to the Central Government by the employer ( being the Government, local authority, any corporation set up under special law or any approved institution or body carrying on scientific research), on remuneration payable to a technician ( being an individual) not resident in India in any of the four financial years immediately preceding the year in which he arrived in India and whose service as such commences after 31.3.1993, shall be exempt for a minimum period of 48 months commencing from the date of his arrival in India.- Section 10(5B) \nIncome exempt in respect of foreigners: \n\n\nPassage money- Section 10(6)(I) \nRemuneration of an official of an Embassy, High Commission, Legation, Affairs, Commissioner, Consulate or Trade Representative of a Foreign State or as a member of Staff of any of these officials.- Section 10(6)(ii)(iii)(iv)(v) \nRemuneration received by employee of foreign enterprises- Section 10(6)(vi). \nSalaries to non-residents employee on a foreign ship- Section 10(6)(viii). \nIncome of individuals engaged in research work in certain cases- Section 10(6)(x) \nRemuneration received by certain foreigners, on traveling in certain establishments. – Section 10(6)(xi) \n\n\nTax paid on behalf of a foreign Company- the amount of tax paid by Government or an Indian concern on behalf o
340761
Sorry, no paying job is tax free:)
334195
The recipient does not have to pay a tax on it, and the giver CANNOT claim it as a tax deduction.
659699
I would give a big no to this question. As long as our politicians dont create equal oppourtinities for the wide group of population, a tax payer will be forced to share the tax with a big number of non contributing citizens of this country. This means, what he is going to get is only going to be 1 by 100th of what he pays.
151304
refer v.k.singhania's students' guide to income tax\na.y-2006-07
64248
Based on the information you've provided it's unclear.  It depends whether the money you've received from you family is income.
871752
Rubadpi is absolutely right. My husband does not pay taxes. I told IRS and they don't care. I told the police, and they don't care. He hides 50, 60, $70,000 CASH in the house, his car, his office. \n\nBelieve me, keep it all in cash and no one will ever even ASK you to pay tax.
344735
If they each have a social security number, are legal residents, earn less than the IRS limit for non-family member dependency, and you paid at least half of their living expenses.  In other words....NO!!!!
849494
Only good income tax practetioners can answer your question correctly. No income tax practerioner will answer your question because it involves lot of time to calculate and answer. That too you are asking it for the F.Y 2004-05. Again your financial year end is 30th June.\n\nBest of luck
834608
The IRS does not tax the recipient of inheritance...ever.  There is a federal tax on the estate (the net value of all assets left behind by the deceased), but the amount taxed is reduced by:\n\n1) donations made to charity if stipulated in the will\n\n2) the first $2,000,000 (for 2006, this changes year-to-year)\n\n3) all amounts left to the spouse.\n\nSo if you are not married when your other dies, and if the amount of the estate is less than $2,000,000, and if your other never filed a form 709 "Gift Tax Return", there should be no estate taxes.
802530
I am reading this question in the USA tax forum.  You appear to  be asking a question about Indian tax rules, so you should post it in the India forum if you haven't already done so.\n\nAs you may be aware, there should be no US tax imposed on your income if you are not a US citizen and all the income is compensation for services that you perform in India.
1184514
To qualify for this exemption you must have lived the property as your personal residence for at least 24 month (2 yrs) of the last 5 yrs before the sale date.  You will be entitle to either $250K or $500.K depending on your marital status. I believe even individual owners, even if not married, assuming they meet the above  qualifications are entitle to the exemption---in fact I am pretty sure (Consult your tax attorney nevertheless).\n\nNote: 1031 exchange applies only to investment property, i.e., rentals, and not to personal real estate property.  Always consult your tax man!!!!!!!!!!! Best of luck! \n\nWhere one lives is of no consequence when it comes to federal income tax law unless an Indian reservation...where some federal tax laws may vary.
233861
Since only $250,000 PROFIT will be exempt from taxation (if she is married to a co-owner it's $500,000) she should check on taxes first. The actual cost of the residence is  subtracted from the net sales price to determine profit.\n\nThe tax responsibility for making a $200,000 gift to anyone rests with the GIVER not the recipient, so there will be gift taxes in addition to any taxes on the profit from the sale. \n\nHowever, each year an individual can gift $11,000 to another individual without any tax consequences.  That means for gifts from two parents to a married couple $44,000 a year without taxes. A single parent can gift $22,000 a year to a couple without paying any gift tax.(these figures were for 2005 and could have increased very slightly for this year)\n\nThere are some other requirements - time in residence for one.  The IRS has a guide "Selling your Home", Publication 523, which you can access on line, pick up at a local IRS office, or get through the mail.\n \nAs far as the gift taxes are concerned she should see her tax adviser, who can save her money in the long run.  \n\nIf you have a question e-mail me through Answers.
451827
If you make a small gift, then they don't pay tax on it. (Up to nine or ten thousand...)
1083058
No, taxes (if any) are paid by the estate. You can read more by following the link below. Here's the portion dealing with inheritances:\n\n"No tax on the person receiving your gift or estate.\nThe person who receives your gift or your estate will not\nhave to pay any federal gift tax or estate tax because of it.\nAlso, that person will not have to pay income tax on the\nvalue of the gift or inheritance received."
934162
It is of course not a tax "refund" if the tax filer has paid no taxes; but is in fact a form of welfare in that it is transfer of wealth from taxpayers to non-payers administered through the income tax system.  \n\nTo this extent it is double speak. Orwell is more alive now than ever.
916715
Yes.  Anytime you so a 1035 exchange, there will be no taxes due and your tax basis will stay the same.