Please Help: GIFT TO NRI
Posted Date : 27-Apr-2012 , 04:05:09 pm | Posted By: Shalini Gupta
Category :
Income Tax | Answers :
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Comments :
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whether cash gift given to US Citizen by her cousin is taxable? under which section it is taxable ..section 195 or section 56(vii)....Is it possible to avoid tax |
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Answers:
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 Answer by: Vikash Kumar Jha |
| As per section 195, TDS on Payment of any sum excluding salary to NRI will be deducted if the income of NRI is taxable in India while if it is not Taxable than No TDS. However if gift to a NRI takes place outside india , it is income arising or accruing outside india.........which is not taxable in his/her hands in india.......watch out for laws in that country for such gifts
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| Answer by: CA Satuti Mahajan |
| Any payment made outside India is taxable.
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| Answer by: Rishabh Upadhyay |
| As cousin is not covered under defination of relative, gift made will be income under section 56 Vi,, however please check for OR and NOR relating provisions
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| Answer by: Rambabu Senkarasetti |
| yes it is taxable
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