18 July 2022
Sir/madam, One of my friend have the income from salary & his relative remitted , Rs.80000/- amount in his bank account from abroad , this is showing in AIS report as remitted 13125/- under LRS (u/s 206C(1G(a))), it taxable or not? which ITR he can choose for filing.
18 July 2022
1. Yes, any consideration received from friend is taxable u/h. IFOS, but exempt if received from close relative. 2. TCS u/s. 206C[1G(a)] for LRS of Rs. 13125/-can be claimed in ITR 3. File ITR 2.
CAclubindia
