Foreign currency

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33 Points Joined November 2018

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

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On 13 November 2018 at 14:50 Report
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Assistant Professor
571 Points Joined September 2017

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

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On 13 November 2018 at 16:44
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33 Points Joined November 2018
no it will converted into Indian rupees
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On 13 November 2018 at 16:46
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Assistant Professor
571 Points Joined September 2017

THEN ITS NOT U R INCOME,

WILL YOU REPAY THIS AMOUNT??

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On 13 November 2018 at 16:53
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33 Points Joined November 2018
no it is credited in BMO bank in Delhi branch
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On 13 November 2018 at 16:55
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Assistant Professor
571 Points Joined September 2017

OK

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

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On 13 November 2018 at 16:57
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12244 Points Joined May 2017
it will be taxable in your hands as other sources
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On 13 November 2018 at 21:29
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Student CA Final
12692 Points Joined October 2012
Taxable under Section 56(2)(x) income from other sources.
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On 14 November 2018 at 05:37


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