suppose i get a gift from abroad from a friend (not a relative as per IT Act) in the form of bank transfer directly to my account. is this taxable?
6 Replies
Sachin
(Chartered Accountant)
(419 Points)
Replied 28 March 2009
Dear Madhav,
As per Section 56 of Income Tax Act, 1961 Gift will taxable if amount of Gift is more than Rs. 50,000/-
CA Trinath Galla
(student)
(3130 Points)
Replied 29 March 2009
it doesn make any difference
whether it is received in india or from abroad
so it is taxable if amt received is more dan 50000Rs-/
madhav
(ca)
(72 Points)
Replied 30 March 2009
thanks... but r u sure? bcz money is not earned in india. pl give one more serious thought to this issue.
regards, madhav
madhav
(ca)
(72 Points)
Replied 30 March 2009
thanks... but r u sure? bcz money is not earned in india. pl give one more serious thought to this issue.
regards, madhav
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 30 March 2009
Yes, gift recieved from person resident outside India shall be taxable in the hands of residents individual other than relative.
However, there are some restriction on usage of gifted funds.
Pratap Phatnani
(Business)
(93 Points)
Replied 30 March 2009
what is the restriction on the amount of Gift by Blood relation NRI
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