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?
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Tax Treatment of Gifts between NRIs
Replies (3)
Taxable in the hands of the receipient, refer Section 56 of the Income Tax Act, wherein provision is made to tax the transfer of funds between unrelated person.
plz reply
But what if the cheque was given outside India and the cheque was only deposited in India into an NRE account.
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