Payment received from usa as a gift, tax required to pay ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2012
My client received amount(in foreign currency)as a gift from USA. What r the provision applicable under any law ?
Whether any consquences under FEMA ?
Whether any consquences under FEMA ?
16 October 2012
If the amount has been received from a relative, the same is exempt.
If it has been received from a non-relative and the amount exceeds Rs. 50,000/- the whole amount is taxable in the hands of the assessee.
If it has been received from a non-relative and the amount exceeds Rs. 50,000/- the whole amount is taxable in the hands of the assessee.
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