hi Friends,
Im Indian Resident want to give Gift of Rs.500000/- to my Masi (Mother's Sister) at UK.
there is any need of 15CA & 15CB
is this Gift is Taxable in Hands of Benefitiary???
Any Other TAX Implications ???
Please Share your Knowledge.
Thanx
1 Replies
CA Harsh Kothari
(Consultant)
(302 Points)
Replied 30 December 2014
Mother's sister is a relative for the purpose of section 56(2)(vii) of the Act. Thus, the same shall not be taxable in her hands!
Since, the payment is not chargeable to tax in India, there is no need of 15CA & 15CB. However, the remitting bank may ask for a letter from a Chartered Accountant to that effect.
Practicly, people obtain 15CB and file it with the bank.
Recent Topics
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
Related Threads
CAclubindia
