Filing Tax Return
Six months back, I went to USA to meet my children. They organised a get together of some 25-30 people on my birthday and I received cash from visitors as shagun which all totaled some 200 dollars which when converted here came to some Rs.1,35,000.00. Am I supposed to pay tax on this gifted amount which was received in US? Please guide. more
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Once in a life time, it can be accepted as a casual receipt. But if repeated every year, it may become a little difficult. more
Nov 27
Janaki ji, what you say is also correct, but if Niraj ji has declared the same as gift received from his NRI relatives and friends, it is not considered as income but a gift and gift from NRI's to certain extent is not taxable in the hands of recipient as well. I thought you are a Chartered accountant and would have known the rules and act very well. more
Nov 26
Guptaji, Niraj ji has not mentioned in his query that the attendees at the function are relatives falling under the definition of relative given in the income tax act. A gift from a non relative is taxable. Again a resident as per the income tax provision is liable for his world wide income, irrespective of place of receipt more
Nov 26
