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Gift from a NRI/ PIO

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10 February 2009 If i receive a gift (say GBP 1,00,000) from my friend in UK (NRI/Person of Indian Origin) Please let me know what are the tax implications in India as well as in London (does that amount is subject to any deduction at the time of remittance)
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
10 February 2009 Amount received in excess of 50000/- in cash by an individual is treated as income and taxable u/s 56(2)(v) i.e income from other sources.
Regd the payer there are tax consequences and no liability of tax deduction.
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