Siddharth Parakh (Practicing Chartered Accountant) (39 Points)
14 March 2009Suppose I am receiving an amount of Rs 1 lakh as gift from my relative staying in nepal. What shall be the tax implications of the same.
Will i have to keep the details of the relative like the IT no. etc corresponding to Nepal.
deepak K Gujrati
(CA-practice)
(966 Points)
Replied 14 March 2009
Gift from relatives as defined under Income Tax Act is not taxable in India. However the assessee is required to possess sufficient details to prove the bonafideness of the donor and his capacity to give such gift.
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