Please Help: income tax gift
Posted Date : 24-Nov-2011 , 11:54:53 am | Posted By CA.ANSHUL SINGHAL
if we receive gift from a foreignor in foregion currency whether it is taxable and if yes in which section and whether tax can be planned
Category : Income Tax | Answers : 1 | Comments : 0 | Hits : 246
Answers
Answer By: AKHIL MAHESHWARI
Dear CA Anshul Singhal Ji, if we (an Indian resident) receive gift from a foreigner in foreign currency, then as per the provisions in the Income Tax Act 1961 under section 56(2) the equivalent foreign exchange value of the gifts in Indian currency received by us in excess of Rs. 50,000 in a year would be taxable......... Hope this will help you understand about the tax planning.....
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