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 Threads
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
Related Threads
CAclubindia
