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)
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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.
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