dear learned colelagues
I wish to be enlightened by your considered advice or suggestion in the following matter
One Indian individual income tax assessee receives some sizeable amount from abroad towards inheretence of a deceased relative. What is the tax liabilty in the hands of the Indian individual assess.
dr vedula gopinath
advocate
email vgopinath2 @ yahoo.com
m 09848227926
You will have to mention the relative. Not all relatives are included in the exemption from gift tax.
First thing is that there is neither Gift Tax nor inheritance tax applicable .
So we can say that in India there is no tax liability but for Foreign nation we have to refer to that country's laws.
Regards,
CA Mahavir Shah
Email : camahavir.shah @ gmail.com
CAclubindia
