GIFT PER SE IS NOT INCOME
GIFT from Abroad exempt subject to Sec 56 (2)(v) & (vi)
Posted by: "MADHAVAN KILNAGAR GANESAN" kilnagarmadhavan@yahoo.co.in kilnagarmadhavan
Tue Jan 30, 2007 2:34 am (PST)
Receipt, per se, is not an income. The nature of receipt will determine the tax incidence. For instatnce, if the relative abroad claims that it is a gift and proves his capacity to gift such sum, then subject to section 56 (2)(v) & (vi).it can be tax free. ----- Original Message ----From: bsnganeshan ganesh <bsnganeshancafinal@yahoo.co.in>To: taxconsultinggroup@yahoogroups.comSent: Saturday, 27 January, 2007 8:22:14 PMSubject: [taxconsultinggroup - TONY.M.P.] EXTERNAL CONTRIBUTIONTO ALL RESPECTED MEMBERS OF THIS YAHOO GROUPONE OF CLIENT IS USED TO RECEIVE FUNDS FROM HIS RELATIVE WHO IS ABROAT BUT NOT AN NRI. IS THE AMOUT TAXABLE IN THE HANDS OF MY CLIENT ?(HE HAS ACQUIRED SUBSTANTIAL WORTH OF PROPERTY OUT OF THIS RECEIPTS) ALL FUNDS ARE ROUNTED THOURH BANK ACCOUNTS. KINDLY CLARIFY.
\n \nBSNGANESHANCAFINAL@ YAHOO.CO, IN\n \n\nHere�s a new way to find what you're looking for - Yahoo! Answers \n \n \n \n \n Back to top \n \n Reply to sender\n \n \n Reply to group\n \n \n Reply via web post\n \n \n Messages in this topic \n (3)\n \n \n \n 11. \n \n \n \n CLARIFICATION \n ",1]
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BSNGANESHANCAFINAL@ YAHOO.CO, IN
Posted by: "MADHAVAN KILNAGAR GANESAN" kilnagarmadhavan@yahoo.co.in kilnagarmadhavan
Tue Jan 30, 2007 2:34 am (PST)
Receipt, per se, is not an income. The nature of receipt will determine the tax incidence. For instatnce, if the relative abroad claims that it is a gift and proves his capacity to gift such sum, then subject to section 56 (2)(v) & (vi).it can be tax free. ----- Original Message ----From: bsnganeshan ganesh <bsnganeshancafinal@yahoo.co.in>To: taxconsultinggroup@yahoogroups.comSent: Saturday, 27 January, 2007 8:22:14 PMSubject: [taxconsultinggroup - TONY.M.P.] EXTERNAL CONTRIBUTIONTO ALL RESPECTED MEMBERS OF THIS YAHOO GROUPONE OF CLIENT IS USED TO RECEIVE FUNDS FROM HIS RELATIVE WHO IS ABROAT BUT NOT AN NRI. IS THE AMOUT TAXABLE IN THE HANDS OF MY CLIENT ?(HE HAS ACQUIRED SUBSTANTIAL WORTH OF PROPERTY OUT OF THIS RECEIPTS) ALL FUNDS ARE ROUNTED THOURH BANK ACCOUNTS. KINDLY CLARIFY.
\n \nBSNGANESHANCAFINAL@ YAHOO.CO, IN\n \n\nHere�s a new way to find what you're looking for - Yahoo! Answers \n \n \n \n \n Back to top \n \n Reply to sender\n \n \n Reply to group\n \n \n Reply via web post\n \n \n Messages in this topic \n (3)\n \n \n \n 11. \n \n \n \n CLARIFICATION \n ",1]
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BSNGANESHANCAFINAL@ YAHOO.CO, IN
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