my uncle had received ₹1,17,000 from a person in foreign country in his saving bank account.
Now which ITR should be filed and what tax rates are applicable??
Is it taxable according to Normal Slab rate ??
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foreign income
Replies (2)
Status of the assessee?
Nature of transaction whether loan, gift, business receipt etc.?
1. If it is in the nature of gift it will be taxable as Income from Others Sources u/s 56(2)
2. ITR -1 can be filed.
3. But if it is in relation to some other receipts then it shall be taxable under the head based on the nature of receipt (like Business ). In such case, appropriate ITR shall be used.
Please correct me if the above solution has an alternative view.
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