Income Tax liability on receiving of Funds from outside India
This query is : Resolved
23 August 2007
Is there any tax liabilities in India, while receiving the funds from my real brother, who stays outside India through westorn money transfer ?
And in what category of Income Tax Return, I have to show this amount, either as a Gift or whatever else ? Is this fund increase my capital in india ?
And in what category of Income Tax Return, I have to show this amount, either as a Gift or whatever else ? Is this fund increase my capital in india ?
Shashi Mohan Jha
(Expert)
23 August 2007
Thre should not be any tax liability as it is a gift to you. However it`ll increase your capital which have to be disclosed in ITR
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