Taxation of gift received by nri
This query is : Resolved
19 September 2013
Hi
My Cousin brother who lives in New York ,USA gift me a super laptop worth $2000( INR 120000)on my birthday. Is this be taxable in my hands? If yes than suggest me tax planning on this matter Plz.
My Cousin brother who lives in New York ,USA gift me a super laptop worth $2000( INR 120000)on my birthday. Is this be taxable in my hands? If yes than suggest me tax planning on this matter Plz.
21 September 2013
as long as the cousin is covered under the definition of "Relative", no tax liability shall be cast upon the recipient.
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