A person got USD from relatives in United States INR 900000. He is not tax payer, how he can save tax.The relative is also not covered in the definition of relatives u/s 56.
T.jay shankar (Student) (29 Points)
18 January 2014A person got USD from relatives in United States INR 900000. He is not tax payer, how he can save tax.The relative is also not covered in the definition of relatives u/s 56.
Mihir
(Wealth Manager)
(5293 Points)
Replied 18 January 2014
If this person is not a relative as per the income tax act, then this amount shall be assessed and taxed under income from other sources. And one will have to file ITR showing this income.
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