hi Friends,
Im Indian Resident want to give Gift of Rs.500000/- to my Masi (Mother's Sister) at UK.
there is any need of 15CA & 15CB
is this Gift is Taxable in Hands of Benefitiary???
Any Other TAX Implications ???
Please Share your Knowledge.
Thanx
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Taxablity of gift
Replies (1)
Mother's sister is a relative for the purpose of section 56(2)(vii) of the Act. Thus, the same shall not be taxable in her hands!
Since, the payment is not chargeable to tax in India, there is no need of 15CA & 15CB. However, the remitting bank may ask for a letter from a Chartered Accountant to that effect.
Practicly, people obtain 15CB and file it with the bank.
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