GIFT FROM OUTSIDE INDIA

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..... GIFT FROM OUTSIDE INDIA
Query (Issue) Started By: - manoj gupta Dated:- 27-7-2010 Last Reply Date:- 1-8-2010 Income Tax
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Income Tax
An assessee has received gift of US $ 25000 .....

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..... 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 from abroad in foreign currency. Still the I .....

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..... TO 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 been transferred. What are the powers of ITO i .....

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..... n 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: The Reply: If AO wish to ascertain the genuinenes .....

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..... s 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.
Discussion Forum - Knowledge Sharing .....

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