can i accept gift of RS. 1 crore from my first cousin who is living in USA. what are the tax implications of it.
5 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 07 June 2019
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’
richa
(manager)
(48 Points)
Replied 07 June 2019
as it is gift from abroad. still it will be taxable beyond INR 50,000/- or USD 15000 limit will be applicable.
ALOK HALWAI
(student)
(2 Points)
Replied 15 July 2019
is gift received from abroad from relative taxable or is there any other condition ??
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