Gift From NRI/PIO

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 India. There is no tax implication in London.

It is taxable under IFOS.