Hi, Hi, I am from India and recently shifted to sweden on a resident permit. I wanted to purchase a house in Sweden For Purchasing a house in Sweden , I need to get some money ( Approximately 1500000 in INR ) from my parent's account in India to my account in Sweden as a help/Gift from them. Will it be taxable in Sweden? Appreciate your answers. Thanks
Thank you for contacting us at Lawline with your question!
I have understood your question as in that you are wondering if Sweden has any taxation on gifts.
Gift taxation in Sweden
Sweden does not have any taxation on gifts, 8 kapitlet 2 § första stycket IL. Though in your case the gift comes from abroad and is valued over 150 000 SEK and has extra criteria, 23 kapitlet 1 § SFL. A gift of this circumstance needs to have some additional information reported to The Swedish Tax Agency. What you need to report is:
1. The amount of the payment in the used currency,
In your case the reported amount is 1 500 000.
2. The date of the payment,
This constitutes the date you receive the payment
3. The currency code
In your case this would be Indian rupee – INR
4. What country the payment comes from
The origin country for the gift, in your case India.
Other countries might have gift taxation for gifts exiting the country. I understand that India taxes gifts but not gifts given from relatives consequently your gift should be exempt from taxation in both India and Sweden. I am however not familiar with the laws in India and suggest that you look into this to make sure.
I hope i gave you some clarity and if you still have any questions do not hesitate to contact us again.