IF MR. A has received Rs. 5,00,000 from Mr. Y who is not a resident of India through online bank transfer. Is such amount will be taxable in the hand of Mr. A and under which head in the following two circumstances?
ii) If Mr. A. is owner of such amount.
In case I) Not taxable, it will be trated as loan received and show in Liability site under the head Loan payable.
In 2nd case if A & Y are in relation with blood as defined in IT Act, then, and A has received this amount as gift, then not taxable. If A is the owner of the money and he has received back loan he has given to Mr Y, then not taxable. as it is capital receipt.
Rohit KC Jain & Co
New Delhi
CA Inter
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Prish Consultancy LLP
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