Tax implications of getting free airtickets
This query is : Resolved
03 August 2012
My friend wishes to travel on excursion (tourist visa) to U.S.A. Another friend, who is inviting him, has agreed to pay for and send the air tickets from U.S.A. itself for the journey to and from U.S.A.
Will this free ticket attract any income tax and does it have to be informed in the Income Tax Return ? Or, does it have any other foreign exchange regulation implication ? Kindly advise.
Will this free ticket attract any income tax and does it have to be informed in the Income Tax Return ? Or, does it have any other foreign exchange regulation implication ? Kindly advise.
03 August 2012
If you invite me into a party in a ***** hotel, I am not getting any income on which income tax is levied.
.
Similar is the case here. The question of income will arise when tickets sent by the US friend are got cancelled by the Indian Friend and the amount refunded goes in the pocket of the Indian Friend as a Gift.
.
.
Similar is the case here. The question of income will arise when tickets sent by the US friend are got cancelled by the Indian Friend and the amount refunded goes in the pocket of the Indian Friend as a Gift.
.
Message likes :
1 times
03 August 2012
Thank you, Bafnaji. Your reply is absolutely lucid and clear!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 270A penalty
- GST Registration Application -Rejected
- GSTR 1- Amend Credit Note
- GSTR 9C- Table 9
- Tax liability on gift amount given to blood relation
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Query on solved queries
- Reimbursement of expense- GST applicable or not
- Acting as an Agent
- Gst registration rule 14A
- Problem in filing Returns for International workers in EPFO
- Clarification for reversal of IGST on transfer of duty-free imported goods from EOU to DTA unit
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
Trending Online Classes
-
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)
Industry Expert16 November 2025
CAclubindia
