Transfer of money


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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2013 I have received money from Dubai. What are its tax consequences if:
1. Received as a hand loan.
2. Received as a gift from brother to sister

Please explain.

07 August 2013 There is no tax consequence in either case.

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2013 So how to disclose these to income tax?

and please quote section or any clarifications...

07 August 2013 loan is not taqxable as it is capital receipt and not required to disclose seperately in itr.

gift from relative is not taxable under 56(2).

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2013 Any consequences for sebder of money?

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2013 Any consequences for Sender of Money?

09 August 2013 No tax implication in the hands of the sender also.

09 August 2013 As it is just a transfer of money there is no income as per sec2(24).therefore not taxable in any1's hand.


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