Q. Suppose i reciding in india receive a DD of 30,000us $ as a gift from a non-related person from singapore , for reasons of college fees .. how much would the gift tax would be ... and how can i reduce it ?
Answer
The gift received from non relative above Rs 50000 in aggregate is now taxable u/s 56(vi) of the I T Act. Read the following excerpt
(vi) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006, the whole of the aggregate value of such sum:
Provided that this clause shall not apply to any sum of money received
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA
It means that the person who receives gift above Rs 50,000 in aggreagte in a year shall be taxed on the amount of gift..
Since the value of 30000 US $ is more than 50000 and that too from non relative, it is taxable
The gift received from non relative above Rs 50000 in aggregate is now taxable u/s 56(vi) of the I T Act. Read the following excerpt
(vi) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006, the whole of the aggregate value of such sum:
Provided that this clause shall not apply to any sum of money received
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA
It means that the person who receives gift above Rs 50,000 in aggreagte in a year shall be taxed on the amount of gift..
Since the value of 30000 US $ is more than 50000 and that too from non relative, it is taxable
How to send gifts to India?
I'm in USA and want to send gift to my gf in Delhi. I was wondering if there any good reliable online gift shops which I can use?
Answer
Please visit http://www.buygiftstoindia.com to send gifts to your gf in Delhi. This site contains an amazing variety of gifts with some dazzling options and never before seen gifting ideas. They are cheap as in don't charge a hefty amount, effecient with their service and diverse with their gift choices.
Please visit http://www.buygiftstoindia.com to send gifts to your gf in Delhi. This site contains an amazing variety of gifts with some dazzling options and never before seen gifting ideas. They are cheap as in don't charge a hefty amount, effecient with their service and diverse with their gift choices.
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