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gift from foreign friend uk
If any of my foreign friends sends gifts to me, then do I have to pay any taxes on that?
Replies (9)
What kind of gift?
Some personal belongings are exempted.....
but dhirajlal sir any thing exceeding 50k is taxable ......right ???
@ Ashwin Kumar:
Yes correct............. but only following (i.e. Capital assets)
The following are specifically defined as moveable or immoveable property:
- Land or buildings
- Shares and securities
- Jewellery
- Archeological collection
- Drawings
- Paintings
- Sculptures
- Any works of art
Also Exempted on marriage occassion....
i agree with you sir....in the above statement you said some personal belongings are exempted....my question is that gift received from friends in CASH OR ANY KIND exceeding 50k is taxable ....am i right ???
Cent percent correct, because that comes under assets and not personal effects.
thanks for the clarification sir.....
Welcome Dear..
whether any amount is deductible from taxable income of the current year given to my daughter as gift
| Originally posted by : Abdulqadar Syed | ||
 |
whether any amount is deductible from taxable income of the current year given to my daughter as gift |  |
NO
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