I am a Indian. I received foreign currency by my friend is it taxble or exempted ?
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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.
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