Whether gift in forign currency from outside india is taxable if amount exceeds eqvivalent to Rs. 50000/-.
2 Replies
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 09 August 2008
if received from relatives then it is not taxable otherwise it is taxable
Thanks
CA.Hemant T Dewani
CA Rajesh Pabari
(Chartered Accountant - Advisory & Audit)
(247 Points)
Replied 12 August 2008
| Originally posted by :CA Hemant T Dewani | ||
| " |
The Question refers to the section 56(v) which should be read before arriving at decision. According to me, if the amount received in foreign currency but its rupee equivalent, at the time of withdrawal of the same in indian rupees, exceeds twenty five thousand then its taxable u/s 56(v) other than those specified in proviso to sec 56(v) which says gift from relatives and all bla bla bla.......... if it is covered u/s 56(v)' s proviso then its not taxable.... |
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