Dear Experts,
Can i received gift from my NRI sister. Is there any limit to received the gift or what is the tax liability.
Dear Experts,
Can i received gift from my NRI sister. Is there any limit to received the gift or what is the tax liability.
Gift from sister (be Resident or NRI) is exempt u/s. 56(2) of IT act. Just make gift deed for future reference.
Thank you sir for reply.
Is it mandatory to show the amount under exempted income while filling itr.
Being remittance inward, chances of query raised being high; its advisable. Otherwise it need not be.
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Gupta Sachdeva & Co. Chartered Accountants
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