TRANSFER OF FUND FROM NEPAL
This query is : Resolved
04 September 2010
1. IF SOME ONE IS A CITIZEN & RESDENT OF NEPAL AND HE TRANSFERS ANY SUM TO ANY OF HIS RELATIVE IN INDIA AS GIFT , IS IT EXEMPTED FROM TAX FOR THE RECEIPIENT . IF YER UNDER WHICH SECTON OF THE ACT.
2. IF IN THE ABOVE CASE HE WANTS TO GIVE LOAN TO ANY OF HIS FRIEND OR RELATIVE IN INDIA EXCEEDING RS 10.00 LACS ,CAN HE DO SO. IF YES WHAT PRECAUTIONS SHOULD BE TAKEN IN DOING SO.
2. IF IN THE ABOVE CASE HE WANTS TO GIVE LOAN TO ANY OF HIS FRIEND OR RELATIVE IN INDIA EXCEEDING RS 10.00 LACS ,CAN HE DO SO. IF YES WHAT PRECAUTIONS SHOULD BE TAKEN IN DOING SO.
05 September 2010
Any gift in cash or by Cheque received by a relative in India from a person in Nepal is not taxable. However, genuineness of such gift is to be established.Besides, creditworthyness and capacity of the donor may be looked into by the AO
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