Taxability of gift recieved from mother in foreign currency

This query is : Resolved

Share Report Follow Query Ask a Query

Farooque

Farooque (Querist)
Follow

28 May 2016 Dear All

Is gift received from mother in foreign currency is chargeable to tax in India.

Kindly reply

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

28 May 2016 Gift from mother is not taxable in India.

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

Farooque

Farooque (Querist)
Follow

28 May 2016 Dear Sir

Can you provide a brief reason for it

Message likes : 1 times

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

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"

Message likes : 1 times

Farooque

Farooque (Querist)
Follow

28 May 2016 Dear Sir

One last question

Is all these conditions are applicable if mother is situated outside India.

Kindly reply.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

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"

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now