Foreign currency

nandini k m (33 Points)

13 November 2018

I am a Indian. I received foreign currency by my friend is it taxble or exempted ?

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7 Replies

Pratik Surve (Assistant Professor ) (571 Points)
Replied 13 November 2018

HAVE YOU REC'D THE SAME AS A GIFT???

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nandini k m (33 Points)
Replied 13 November 2018

no it will converted into Indian rupees

Pratik Surve (Assistant Professor ) (571 Points)
Replied 13 November 2018

THEN ITS NOT U R INCOME,

WILL YOU REPAY THIS AMOUNT??

nandini k m (33 Points)
Replied 13 November 2018

no it is credited in BMO bank in Delhi branch

Pratik Surve (Assistant Professor ) (571 Points)
Replied 13 November 2018

SEE BASICALLY AS PER IT ACT ANY AMOUNT REC'D IN INDIA WILL BE TAXABLE FOR RESIDENT PERSON OF INDIA.

rama krishnan (12234 Points)
Replied 13 November 2018

it will be taxable in your hands as other sources

Nitesh bind (Student CA Final ) (12692 Points)
Replied 14 November 2018

Taxable under Section 56(2)(x) income from other sources.

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