If cash gift is received from UK then whether it is taxable or not?
ejaz naiyer (C.A. FINAL) (293 Points)
28 April 2010If cash gift is received from UK then whether it is taxable or not?
manikandan.J
(Accounts Manager)
(363 Points)
Replied 28 April 2010
hi
if gift received from the relative or friend let know
if they are relative it is not taxable, however your required gift deed or Loan received from the relative you do same the necessary
if they are not relative than entire amount is taxable, i enclosed relating to queries clarification
further doubts mail me @ jmoneykandan @ gmail.com
manikandan.J
(Accounts Manager)
(363 Points)
Replied 28 April 2010
hi
found the brief notes about the gift tax and case laws reference
ejaz naiyer
(C.A. FINAL)
(293 Points)
Replied 29 April 2010
If Suppose Rs2,00,000 is received what will be tha tax ?
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 29 April 2010
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 29 April 2010
And tax on such income is chargeable at the normal rates... That is basic exemption is allowed, and rest of the amount is taxed as per tax slabs....
ejaz naiyer
(C.A. FINAL)
(293 Points)
Replied 29 April 2010
But the amount is received from UK. Is there any affect of double tax avoidence agreement?
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