Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2012
if any person received money from a person who working in abroad then it will be treated as gift???? and is there any exemption to the receiving person, not to pay tax??????
CA PARAS BAFNA
(Expert)
12 January 2012
If gift is received from a relative staying abroad, amount received is exempt from tax.
.
Total gifts amounting to Rs. 50000/- only can be taken from non-relatives during a FY.
If the total gift amount exceeds 50000/ no exemption is available.
.
Total gifts amounting to Rs. 50000/- only can be taken from non-relatives during a FY.
If the total gift amount exceeds 50000/ no exemption is available.
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