Mr. A, an NRI gives Mr. B, another NRI, a gift of Rs. 4 Lacs by way of
cheque of an NRE account of an Indian Bank. Mr. B deposits the cheque
into his NRE (Non Resident External) Account of an Indian Bank. Mr. A
and Mr. B are not relatives.
Is the gift taxable in the hands of Mr. B?
CAclubindia
