Amount received from Foreign Individuals

This query is : Resolved

vijay (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 June 2023 Any amount of Rs. 50,000/- or more will be taxable under income tax act.

vijay

vijay (Querist)
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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?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 June 2023 Yes, but should be thru' banking channel, and a gift deed would be mandatory.