If i receive a gift (say GBP 1,00,000) from my friend in UK (NRI/Person of Indian Origin) Please let me know what are the tax implications in India as well as in London (does that amount is subject to any deduction at the time of remittance)
Menu
Gift From NRI/PIO
Replies (4)
Hello,
For the tax implication in India, gift will be taxable in India in the hand of receiver but I don't have any idea about tax in London.
It will be taxed as incom from other sources u/s 56(2)(V).
Normal slab rates will be applicable. In London, it will be governed by There local Tax Act.
The entire amount i.e. 100000 GBP is taxable u/s.56(2)(vi) as “Income from other sources” in your hand in
It is taxable under IFOS.
Recent Topics :
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
Related Topics :
CAclubindia
