Taxability of gift recieved from mother in foreign currency
This query is : Resolved
28 May 2016
Dear All
Is gift received from mother in foreign currency is chargeable to tax in India.
Kindly reply
Is gift received from mother in foreign currency is chargeable to tax in India.
Kindly reply
28 May 2016
Gift from mother is not taxable in India.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Message likes :
1 times
28 May 2016
Dear Sir
Can you provide a brief reason for it
Can you provide a brief reason for it
Message likes :
1 times
28 May 2016
You are exempt from tax under the following situations:
monetary value of all gifts received don't add up to Rs.50,000.
Received from a relative
Received on occasion of marriage
Received by way of a will or inheritance
Received in contemplation of death of the payer
Received from Local Authority
Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C)
Money Received from a charitable Institution registered under section 12AA
Who is a relative?
Your immediate family - parents, siblings, spouse and children
Your spouse's parents and siblings
Your parents' siblings
Your siblings and their spouses
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
monetary value of all gifts received don't add up to Rs.50,000.
Received from a relative
Received on occasion of marriage
Received by way of a will or inheritance
Received in contemplation of death of the payer
Received from Local Authority
Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C)
Money Received from a charitable Institution registered under section 12AA
Who is a relative?
Your immediate family - parents, siblings, spouse and children
Your spouse's parents and siblings
Your parents' siblings
Your siblings and their spouses
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Message likes :
1 times
28 May 2016
Dear Sir
One last question
Is all these conditions are applicable if mother is situated outside India.
Kindly reply.
One last question
Is all these conditions are applicable if mother is situated outside India.
Kindly reply.
28 May 2016
Yes
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
29 May 2016
All that matters is whether the gift is received from a specified relative. Gifts from a specified relative is always exempt for both the giver and recipient irrespective of the residential status, value and purpose
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
