Gift From NRI source verification
Akansha jain (CA) (156 Points)
22 December 2022
Can Income tax department verify the source of the gift received from NRI?
Akansha jain (CA) (156 Points)
22 December 2022
Mitali
(Finance Professional)
(11146 Points)
Replied 22 December 2022
Yes, the income tax department can verify the source of a gift received from a non-resident Indian (NRI).
Akansha jain
(CA)
(156 Points)
Replied 22 December 2022
Rashmi
(business)
(11135 Points)
Replied 22 December 2022
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
SANJEEV JAIN
(9 Points)
Replied 25 December 2022
do we require any documentation for receiving gifts to blood relatives.
if yes, what are they?
CAclubindia
