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of <h1>Finance Bill 2019: Gifts from Indian Residents to Non-Residents Now Taxable u/s 9 from April 2020.</h1> Section 9 of the Income Tax Act addresses income deemed to accrue in India, affecting non-residents. Previously, gifts from Indian residents to non-residents were often considered non-taxable in India. To close this loophole, the Finance Bill 2019 proposes that gifts of money or property from Indian residents to non-residents, made on or after July 5, 2019, will be deemed to accrue in India and thus taxable. Existing exemptions under section 56 will still apply, and applicable Double Taxation Avoidance Agreements (DTAAs) will govern in treaty situations. This amendment is effective from April 1, 2020, for the 2020-21 assessment year onward.
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