I am a Indian. I received foreign currency by my friend is it taxble or exempted ?
Menu
Foreign currency
Replies (7)
HAVE YOU REC'D THE SAME AS A GIFT???
no it will converted into Indian rupees
THEN ITS NOT U R INCOME,
WILL YOU REPAY THIS AMOUNT??
no it is credited in BMO bank in Delhi branch
OK
SEE BASICALLY AS PER IT ACT ANY AMOUNT REC'D IN INDIA WILL BE TAXABLE FOR RESIDENT PERSON OF INDIA.
it will be taxable in your hands as other sources
Taxable under Section 56(2)(x) income from other sources.
Recent Threads
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
Related Threads
CAclubindia
