I want to know the tax implications of cash gift received by me in India from a relative who is residing abroad.
Gift will be in the form of bank transfer, please provide me if there is any limit of such gift & possible tax implications.
5 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 20 May 2014
I think there is no limit on amounts you receive in foreign currency by way of gift into india.
Please visit capraveenmr.wordpress.com
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 20 May 2014
Although there is no limit as per FEMA, however you still have to prove the creditworthiness, source of income and relation with the foreign donor under income Tax Act.
Anuj
femaquery @ gmail.com
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 20 May 2014
Non relative shall be covered under section 56
Basant
(Student)
(63 Points)
Replied 20 May 2014
| Originally posted by : CA. Anuj Gupta | ||
 |
Thanks Anuj ji for replying. Source of income what should i put, it is received as a gift. No work done just funds transferred from there into my account.
Although there is no limit as per FEMA, however you still have to prove the creditworthiness, source of income and relation with the foreign donor under income Tax Act. |
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