Hello
I have some friends who live in USA and they would like to support like sponsor my church and if they send me money on church account should i pay tax or no need to pay ? please help me out thank you
2 Replies
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 06 November 2018
If you are receiving amount in your own name then Yes you must pay the tax under section 56(2)(x).
It's better to create a Trust and receive the remittance as donation you will be able to receive money tax free (sub to few conditions).
Regards
It's better to create a Trust and receive the remittance as donation you will be able to receive money tax free (sub to few conditions).
Regards
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