Gift From NRI Relative Not Taxable as Income if Genuineness is Proved: ITAT [Read Order]

As gifts received from an NRI relative are not chargeable to tax, the tribunal directed the addition of 20,00,000/- made towards the income of the assessee to be deleted
By Varda Marakkar - On August 24, 2024 5:22 pm - 2 mins read
ITAT - ITAT Mumbai - Income Tax - Gift From NRI Relative - NRI relative gift tax - gift tax exemption - Indian gift tax - taxscan

In a recent case, the Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) held that a gift received from a Non-Resident Indian ( NRI ) relative is not chargeable to income tax if genuineness is proved. The assessee/appellant, Abul Wais Abdus Salam, is an individual, proprietor of A-1 Trading Company engaged in the business…

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