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Accepting gift worth rs. 1 cr from cousin living abroad.

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manager
49 Points Posted on 07 June 2019

can i accept gift of RS. 1 crore from my first cousin who is living in USA. what are the tax implications of it.

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On 07 June 2019 at 10:46 Report
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Chartered Accountant
4524 Points Posted on 07 June 2019
cousin’ does not fall within the definition of ‘relative’. Accordingly, gift received from cousin, the fair market value of which is in excess of Rs  50,000, shall be taxable in your hands under the head ‘income from other sources’
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On 07 June 2019 at 11:44
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manager
49 Points Posted on 07 June 2019

as it is gift from abroad. still it will be taxable beyond INR 50,000/- or USD 15000 limit will be applicable.

 

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On 07 June 2019 at 12:27
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student
2 Points Posted on 15 July 2019
is gift received from abroad from relative taxable or is there any other condition ??
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On 15 July 2019 at 22:58
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manager
49 Points Posted on 16 July 2019

thanks

 

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On 16 July 2019 at 10:38
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7059 Points Posted on 10 August 2019
good clarification and information
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On 10 August 2019 at 18:52


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