Menu
Gift From NRI source verification
Yes, the income tax department can verify the source of a gift received from a non-resident Indian (NRI).
please share reference of any section or rule which says so?..
If the amount of gift exceeds Rs 50 000 entire amount is taxable under the head “Income from other sources”.
The exceptions to it is, gifts received from relatives Sec 56 (2) is exempted.
As per Section 68 ,,“any sum of fund is credited in the books of assesse maintained for any previous year and the assesse offers no explanation about the nature and source thereof or the explanation offered by him is not in opinion of the Assessing officer satisfactory the sum so credited may be charged to income tax as the income of the assesse of that previous year
- assessee is required to prove the below mentioned details from whom gift is received
- Identity of the person
- Creditworthiness of the person
- Genuineness of the transaction
do we require any documentation for receiving gifts to blood relatives.
if yes, what are they?
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
