Daughter of Mr X is admitted in medical college in NRI quota for which one of friend Mr. X who is NRI is sponsoring by making of payment of fees amounting to Rs.50 Lacs as sponsorship fees. The fee will be directly deposited in the college for full term i.e. 4.5 years. Pls advise whether this will be taxable as gift tax or in any other heads of income in the hands of receipient. daughter is more than 18 years ols.
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Sponsorship for medical education
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Scholarships to meet cost of education are exempt u/s 10(16).. not sure abt sponsorship by a friend
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