TaxTMI 
TaxTMI 
GIFT FROM OUTSIDE INDIA
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....IFT FROM OUTSIDE INDIA<br> Query (Issue) Started By: - manoj gupta Dated:- 27-7-2010 Last Reply Date:- 1-8-2010 Income Tax<br>Got 1 Reply<br>Income Tax<br>An assessee has received gift of US $ 25000 f....
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....rom 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 IT....
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....O 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 in....
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.... 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 genuineness....
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.... 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.<br> Discussion Forum - Knowledge Sharing ....