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Cash received from abroad

Tax queries 1171 views 5 replies

Basant

Student

63 Points Posted on 19 May 2014

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.

Replies (5)

praveen

Chartered Accountant

6971 Points Posted on 20 May 2014

I think there is no limit on amounts you receive in foreign currency by way of gift into india.

Please visit capraveenmr.wordpress.com

CA. Anuj Gupta

Practices in NRI Int.Tax FEMA TP FD

7024 Points Posted on 20 May 2014

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

sourabh sharma

student

21 Points Posted on 20 May 2014

Relative or non relative matter or not

CA. Anuj Gupta

Practices in NRI Int.Tax FEMA TP FD

7024 Points Posted on 20 May 2014

Non relative shall be covered under section 56

Basant

Student

63 Points Posted on 20 May 2014

Originally posted by : CA. Anuj Gupta

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.

Anuj

femaquery @ gmail.com