If cash gift is received from UK then whether it is taxable or not?
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Gift in Cash
Replies (9)
Ofcoarse it is...
ya...is it taxable....
Taxable
hi
if gift received from the relative or friend let know
if they are relative it is not taxable, however your required gift deed or Loan received from the relative you do same the necessary
if they are not relative than entire amount is taxable, i enclosed relating to queries clarification
further doubts mail me @ jmoneykandan @ gmail.com
hi
found the brief notes about the gift tax and case laws reference
If Suppose Rs2,00,000 is received what will be tha tax ?
Any amount received excess to Rs. 50000 from a non-relative and on accassions that are exempt under ITA (like will, marriage, etc.) is completely taxable.. So, if Rs. 200000 is received, whole of the amount will be taxable
And tax on such income is chargeable at the normal rates... That is basic exemption is allowed, and rest of the amount is taxed as per tax slabs....
But the amount is received from UK. Is there any affect of double tax avoidence agreement?
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