Gift taxability, Service Tax

[OM PRAKASH]

can an individual take gift of any amount from NRE a/c of a person residing outside india? or covered under the limit of Rs. 50000 where there is no blood relation

Posts / Replies

[D Gupta]

There is no bar for receiving gift from NRE account of a person residing outside India under Income Tax Act. However, under the provisions of section 56, the same should also meed the conditions for escaping income tax