amitrehan

Thank you for the clarification. Have one more question please. Is there any Limit on the amount of the gift and does it have to from Blood relative. Best Regards

hello, I wanted to understand how the gifts are taxed. I helped a friend save good amount of money overseas by giving the advice on the technology side and now he wants to return the favour and send some money as a gift. I am not sure how it will be taxed and where do I have to declare it. Any advice would be much appreciated. Best