GIFT FROM OUTSIDE INDIA

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..... An assessee has received gift of US $ 25000 from his father in law residing in Canada. His bank statement produced to the ITO during scrutiny assessment clearly shows that the money has been received .....

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..... from abroad in foreign currency. Still the ITO is not satisfied. He wants confirmation from Father in law about this gift and also the statement of account of father in law from which the money has be .....

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..... en transferred. What are the powers of ITO in this regard. can he insist the production of confirmation of a person who is non resident in India and his bank statement. - Reply By Surender Gupta - T .....

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..... he Reply = If AO wish to ascertain the genuineness of the transaction, he can so under the provisions of the Income Tax Act, 1961. It is the duty of assessee to prove the genuineness of a transaction. .....

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..... - GIFT FROM OUTSIDE INDIA - Query Started By: - manoj gupta Dated:- 27-7-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinio .....

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..... n Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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