Dear Experts,
Can i received gift from my NRI sister. Is there any limit to received the gift or what is the tax liability.
Deepal Patel (Sr. Executive - Accounts & Audit) (65 Points)
07 September 2021Dear Experts,
Can i received gift from my NRI sister. Is there any limit to received the gift or what is the tax liability.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161074 Points)
Replied 07 September 2021
Gift from sister (be Resident or NRI) is exempt u/s. 56(2) of IT act. Just make gift deed for future reference.
Deepal Patel
(Sr. Executive - Accounts & Audit)
(65 Points)
Replied 07 September 2021
Thank you sir for reply.
Is it mandatory to show the amount under exempted income while filling itr.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161074 Points)
Replied 08 September 2021
Being remittance inward, chances of query raised being high; its advisable. Otherwise it need not be.
CAclubindia
