Bebetime
I have a co worker going to India. She asked me what I want her to bring me back. But I'm not even sure what to ask for.
Can anyone give me some ideas?
Answer
India is world famous for much of its cloth. You might suggest she bring you some. You can use it for a table or window, or to make a blouse or skirt.
It might be best to suggest that she buys what she thinks you'll like, so you don't pressure her into using her vacation time looking for something specific for you.
Or, you can tell her the best thing she can bring back and share with you is her travel stories! (and photos, of course).
Peace & Love,
Zola
India is world famous for much of its cloth. You might suggest she bring you some. You can use it for a table or window, or to make a blouse or skirt.
It might be best to suggest that she buys what she thinks you'll like, so you don't pressure her into using her vacation time looking for something specific for you.
Or, you can tell her the best thing she can bring back and share with you is her travel stories! (and photos, of course).
Peace & Love,
Zola
about gift tax in india?
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
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