Deeming provision for gifts extended to not ordinarily residents, bringing certain inbound gifts within the Indian tax net. Clause (viii) of sub section (1) of section 9 is proposed to be amended to extend the deeming rule so that sums received without consideration by a not ... Summary
Deeming provision for gifts extended to not ordinarily residents, bringing certain inbound gifts within the Indian tax net.
Clause (viii) of sub section (1) of section 9 is proposed to be amended to extend the deeming rule so that sums received without consideration by a not ordinarily resident from a person resident in India are treated as income deemed to accrue or arise in India; the change is intended as an anti abuse measure to capture gifts not presently within the scope of the existing deeming provision and will apply prospectively to specified assessment years.
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