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TAXATION TAXATION OF GIFT

Taxation of Gift
Receipts without consideration to be treated as income [Sec. 56(2)(vii)]
A receipt of sum money or property without consideration is chargeable to tax under section 56(2)(vii) if…

NRI Taxation

Q1. Who is an NRI?
A1. An Indian staying abroad is known as an NRI i.e. Non-Resident Indian.
Q2. Who is a NRI under FEMA?
A2. FEMA defines ‘a person…