I want to know the tax implications of cash gift received by me in India from a relative who is residing abroad.
Gift will be in the form of bank transfer, please provide me if there is any limit of such gift & possible tax implications.
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Cash received from abroad
Replies (5)
I think there is no limit on amounts you receive in foreign currency by way of gift into india.
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Although there is no limit as per FEMA, however you still have to prove the creditworthiness, source of income and relation with the foreign donor under income Tax Act.
Anuj
femaquery @ gmail.com
Relative or non relative matter or not
Non relative shall be covered under section 56
| Originally posted by : CA. Anuj Gupta | ||
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Thanks Anuj ji for replying. Source of income what should i put, it is received as a gift. No work done just funds transferred from there into my account.
Although there is no limit as per FEMA, however you still have to prove the creditworthiness, source of income and relation with the foreign donor under income Tax Act. |
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