can i accept gift of RS. 1 crore from my first cousin who is living in USA. what are the tax implications of it.
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Accepting gift worth rs. 1 cr from cousin living abroad.
Replies (5)
cousin’ does not fall within the definition of ‘relative’. Accordingly, gift received from cousin, the fair market value of which is in excess of Rs 50,000, shall be taxable in your hands under the head ‘income from other sources’
as it is gift from abroad. still it will be taxable beyond INR 50,000/- or USD 15000 limit will be applicable.
is gift received from abroad from relative taxable or is there any other condition ??
thanks
good clarification and information
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