LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Gifts Received outside India

Satpreet Singh (Article Assistant) (21 Points)

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.

Reply
Follow
Share

2 Replies

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 09 October 2019

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

Kapadia Pravin (17249 Points)
Replied 10 October 2019

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.