friend want to gift
This query is : Resolved
Inderpal Chugh
(Querist)
18 August 2008
hello
sir my friend want to gift me Rs 12 lakh and he reside outside india what precaution be taken, is there any tax imposition on me
sir my friend want to gift me Rs 12 lakh and he reside outside india what precaution be taken, is there any tax imposition on me
18 August 2008
Yes, it will be taxable as Income from Other Sources u/s 56 of the Income Tax Act.
S.Srinivasaraghavan
(Expert)
18 August 2008
Precaution-Gift in kind can be made.
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