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Query: Is Monetary gifts received from a Non-Resident or from out of India chargeable to tax

Category: Income Tax

Answer: Yes, any sum of money received by a Resident Individual or HUF in India from any person (whether resident or non-resident) other than exempted list, will be chargeable to tax provided his aggregate value of gifts in a financial year from all eligible persons exceeds Rs. 50000.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 362

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