suppose i get a gift from abroad from a friend (not a relative as per IT Act) in the form of bank transfer directly to my account. is this taxable?
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gifts from abroad
Replies (6)
Dear Madhav,
As per Section 56 of Income Tax Act, 1961 Gift will taxable if amount of Gift is more than Rs. 50,000/-
it doesn make any difference
whether it is received in india or from abroad
so it is taxable if amt received is more dan 50000Rs-/
thanks... but r u sure? bcz money is not earned in india. pl give one more serious thought to this issue.
regards, madhav
thanks... but r u sure? bcz money is not earned in india. pl give one more serious thought to this issue.
regards, madhav
Yes, gift recieved from person resident outside India shall be taxable in the hands of residents individual other than relative.
However, there are some restriction on usage of gifted funds.
what is the restriction on the amount of Gift by Blood relation NRI
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