Mr. A, an NRI gives Mr. B, another NRI, a gift of Rs. 4 Lacs by way of
cheque of an NRE account of an Indian Bank. Mr. B deposits the cheque
into his NRE (Non Resident External) Account of an Indian Bank. Mr. A
and Mr. B are not relatives.
Is the gift taxable in the hands of Mr. B?
Menu
Tax Treatment of Gifts between NRIs
Replies (3)
Taxable in the hands of the receipient, refer Section 56 of the Income Tax Act, wherein provision is made to tax the transfer of funds between unrelated person.
plz reply
But what if the cheque was given outside India and the cheque was only deposited in India into an NRE account.
Recent Threads
- Section 54f and Sale between father and Son.
- Demat of shares of private limited company
- Income only with share market around 5-6 lack
- Missed GST Reporting for March 2025
- Future and Option Turnover
- Outstanding demand
- Error in filing income tax return
- DRAFT - DIRECTOR's REPORT OF BASE LAYER NBFC
- Amt of LTCG required to be reinvested on house pro
- Charity Commissioner of Maharashtra site error
Related Threads
CAclubindia
