Taxability of gift recieved from mother in foreign currency
This query is : Resolved
28 May 2016
Dear All
Is gift received from mother in foreign currency is chargeable to tax in India.
Kindly reply
Is gift received from mother in foreign currency is chargeable to tax in India.
Kindly reply
28 May 2016
Gift from mother is not taxable in India.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
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Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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28 May 2016
Dear Sir
Can you provide a brief reason for it
Can you provide a brief reason for it
Message likes :
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28 May 2016
You are exempt from tax under the following situations:
monetary value of all gifts received don't add up to Rs.50,000.
Received from a relative
Received on occasion of marriage
Received by way of a will or inheritance
Received in contemplation of death of the payer
Received from Local Authority
Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C)
Money Received from a charitable Institution registered under section 12AA
Who is a relative?
Your immediate family - parents, siblings, spouse and children
Your spouse's parents and siblings
Your parents' siblings
Your siblings and their spouses
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
monetary value of all gifts received don't add up to Rs.50,000.
Received from a relative
Received on occasion of marriage
Received by way of a will or inheritance
Received in contemplation of death of the payer
Received from Local Authority
Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C)
Money Received from a charitable Institution registered under section 12AA
Who is a relative?
Your immediate family - parents, siblings, spouse and children
Your spouse's parents and siblings
Your parents' siblings
Your siblings and their spouses
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Message likes :
1 times
28 May 2016
Dear Sir
One last question
Is all these conditions are applicable if mother is situated outside India.
Kindly reply.
One last question
Is all these conditions are applicable if mother is situated outside India.
Kindly reply.
28 May 2016
Yes
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
K Srinivas, CMA CS
(Expert)
29 May 2016
All that matters is whether the gift is received from a specified relative. Gifts from a specified relative is always exempt for both the giver and recipient irrespective of the residential status, value and purpose
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