REMMITANCE RECEIVED FROM ABROAD

toufik (Querist) 16 December 2009 This query is : Resolved
I AM RECEIVED REMMITANCE(MONEY)OF RS.2 LAC FROM MY UNCLE (WHO RESIDE IN USA) BY WESTERN UNION IS IT TAXABLE UNDER IT ACT

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Raj Kumar Makkad (Expert) 16 December 2009
Yes. It is taxable in your hands.

Vineet (Expert) 17 December 2009
The taxability of remittance depends upon your exact relationship with your uncle. Is he your father's or mother's brother? In that case the sum received in your hand is not taxable at all.

In other case the receipts are taxable in excess of Rs 50,000/- (Total taxable gifts received in cash and kind during one financial year)

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