Satpreet Singh (Article Assistant) 09 October 2019
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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Kapadia Pravin 10 October 2019
Receipt of gift is capital receipt and not an income nor accrued income.
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.