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Gifts Received outside India


Satpreet Singh (Article Assistant)     09 October 2019

Satpreet Singh
Article Assistant 
 21 points

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Whether gift received by Resident outside India will fall under section 5 because under section5 income received or deemed to be received in India and income accrued and deemed to accrue in India and Outside India is taxable. In the said problem Gift is not received in India and there are no accruals of gifts.

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CA Dhruva Kalamanji (Chartered Accountant )     09 October 2019

CA Dhruva Kalamanji
Chartered Accountant  
 89 likes  1879 points

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If assesse is resident in india then global income is taxable in india. gift received outside india is taxable if value is more than 50K INR

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Kapadia Pravin   10 October 2019

Kapadia Pravin

 915 likes  14283 points

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Receipt of gift is capital receipt and not an income nor accrued income.

However ------
Gift received by Resident though outside India but from a relative is tax free and no tax thereon.

Gift from non-relative is exempt upto 50000/- in aggregate but the moment it exceeds 50000/- , the entire amount is taxable as deemed income under income from other sources.


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