Gift in kind from NRI
This query is : Resolved
16 November 2008
One of my Indian Resident client received Gift from third party NRI of SBI Millenium Bond in April, 2005. In scrutiny of his file for A. Y. 2006 - 2007 can ITO treat the same as taxable u/s 56 ( 2 ) ( v ) without considering the same being the gift in kind ?
16 November 2008
In my opinion No.
17 November 2008
Gift in kind is not taxable. ITO may not consider the same as income u/s 56(2)(V)as the same will be on wrong premises.
22 November 2008
Income Tax officer has disallowed assessee 's claim and wants to make it taxable u/s 56(2) (v). Is there any special Notification for $ gift bond that is in kind received by Indian Resident ? Bond is SBI MILLENIUM BOND in $. Originally acquired by Non Resident then gifted to Indian Resident.Please anybody has clarification for the above issue ?
02 June 2009
GIFT IN KIND IS NOT TAXABLE U/S 56. But ITO SAYS THE GIFT RECEIVED IN KIND IS CONVERTIBLE IN CASH ! OUR ARGUMENT IS THAT EVERYTHING IS CONVERTIBLE IN CASH. ANYHOW JUDGMENT COMES IN OUR FAVOUR BECAUSE Bond is SBI MILLENIUM BOND in $ i. e. FOREIGN CURRENCY SPECIAL
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