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.
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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.
.
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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.
.
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03 August 2012
Thank you, Bafnaji. Your reply is absolutely lucid and clear!!
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