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friend want to gift

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(Querist)
18 August 2008 hello
sir my friend want to gift me Rs 12 lakh and he reside outside india what precaution be taken, is there any tax imposition on me
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
18 August 2008 Yes, it will be taxable as Income from Other Sources u/s 56 of the Income Tax Act.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
18 August 2008 Precaution-Gift in kind can be made.
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