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Gift tax
If Mr. A transfers Rs. 10 Lacs to UK through bank transfer then how will the tax be calculated. Will it be under Income from Other Source and taxable as per slab rate as it exceeded Rs. 50000/- or there is any other tax implication?
Replies (1)
section 56(2)(vii) starts with wordings of " when individual/ huf receives "
so the section will be applicable to recipient
In this case it seems to be that Mr. A is the transferor. soamount will not be taxable in his hands under head IFOS
so the section will be applicable to recipient
In this case it seems to be that Mr. A is the transferor. soamount will not be taxable in his hands under head IFOS
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