Transfer of money

This query is : Resolved

Querist : Anonymous

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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 August 2013 There is no tax consequence in either case.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 So how to disclose these to income tax?

and please quote section or any clarifications...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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).

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 Any consequences for sebder of money?

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 Any consequences for Sender of Money?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 August 2013 No tax implication in the hands of the sender also.

Message likes : 1 times

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

Message likes : 1 times

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