Foreign currency received by sister from brother in India
This query is : Resolved
02 June 2010
If sister(India) received money from brother(UK) in GBP. which is non - refundable. Is there any Income tax in india on such money. It's GBP 20000
02 June 2010
What is the value. Depending on the value we have to decide the course of action.
03 June 2010
if value is higher treat is as gift and wont be taxed...
03 June 2010
It's GBP 20000
03 June 2010
ok...
Treat it as a gift only...I hope no income is generated from such amount. If income is earned than it wil be clubbed with brothers income...
Treat it as a gift only...I hope no income is generated from such amount. If income is earned than it wil be clubbed with brothers income...
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