Money gifts to NRIs are taxable from July 5, 2019, property gift tax rules unchanged With the passing of Finance Bill 2019, NRIs will have to disclose such gifts received and pay tax on it as per the tax rules applicable. With the passing of the Finance Bill 2019 in Parliament, some changes have been made in the rule regarding taxation of gifts given by resident individuals to non-resident Indians (NRIs). According to changes made at the time of passing Budget 2019, only money paid by a resident individual to a 'person outside India without any consideration will be considered as taxable in the hands of the receiver'. Amendments at the time of passing of Budget 2019 have specifically defined the 'person outside India' as non-resident or foreign company. Shalini Jain, Tax Partner, People Advisory Services, EY India says, "As compared to the Budget proposal, the amendment of source rule for gifts at enactment stage of Finance (No2) Bill 2019 restricts itsel...
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10 reasons why you may get a notice from the income tax department You may anytime come under the taxman's lens. The department can randomly scrutinise returns to enforce tax compliance. By Navneet Dubey , ET Online | Updated: Jul 25, 2019, 05.34 PM IST ITR filing guide: Red flags to avoid while filing tax return You may get worried if you get a notice from the income tax department. You can get a tax notice for many reasons. These could include not filing income tax return ( ITR ) on time, calculation errors, not reporting income correctly or even claiming excessive losses. Rajat Mohan, Senior Partner, AMRG & Associates said, "Taxpayers, in general, are issued income tax notices under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147 and 148 of Income Tax Act, 1961 regarding non-filing of ITR, concealment of taxable income, claiming an in genuine tax refund, computing excessive tax losses, long term capital gains (LTCG),...