Sir,
Do I have to pay tax for the gift amount in US dollar, received from my sister ?
Will this have to be added to the income, for computing the Tax ?
Thanks
Mathew
MATHEW (PROGRAMMER) 17 January 2011
Sir,
Do I have to pay tax for the gift amount in US dollar, received from my sister ?
Will this have to be added to the income, for computing the Tax ?
Thanks
Mathew
A V Vishal (Advocate) 17 January 2011
No gift from one's own sister is not taxable under Income Tax or Gift Tax Acts.
HEMANT PAHWA (PROPRIETOR) 17 January 2011
No income tax on gift received from own sister from overseas
Amresh (Prop) 18 January 2011
No, gift received in foreign currency from your sister is not forming part of your taxable income but you have to disclose the same in your return of income to avoid future actions.
MATHEW (PROGRAMMER) 18 January 2011
Thanks.
Bharat (article) 20 January 2011
it is come in defination of relative as per income tax act so it is not taxable please refer section 56 with sub clause.
have a nice day
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