Amount received from Foreign Individuals
This query is : Resolved
20 June 2023
Dear sirs,
Just wanted to know some information
One of the individual assessee is likely to receive money from foreign individuals from UK USA etc for his personal support etc inturn he would like to support individuals in India for charity work of family support.
Wanted to know what is the limit that he can receive from foreign individuals as personal gift who are not relatives.
Is there any tax implications on such gifts.
Appreciate your suggestions and guidance.
Just wanted to know some information
One of the individual assessee is likely to receive money from foreign individuals from UK USA etc for his personal support etc inturn he would like to support individuals in India for charity work of family support.
Wanted to know what is the limit that he can receive from foreign individuals as personal gift who are not relatives.
Is there any tax implications on such gifts.
Appreciate your suggestions and guidance.
20 June 2023
Any amount of Rs. 50,000/- or more will be taxable under income tax act.
21 June 2023
Thank you sir for the reply, can an individual receive any amount from foreign individual and pay the taxes on the gift that is received?
21 June 2023
Yes, but should be thru' banking channel, and a gift deed would be mandatory.
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