Deeming provision of Sec 9 extended to gift received by non-ordinarily resident - Taxindiainternational.com

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Deeming provision of Sec 9 extended to gift received by non-ordinarily resident By TII News Service Feb 01, 2023 , New Delhi
NEW DELHI, FEB 01, 2023: BASED on inputs from the income tax field offices that certain persons being not ordinarily residents are receiving the gifts from persons resident in India and not paying tax on it. To overcome the tax avoidance situation, the Finance Bill proposes to amend clause (viii) of sub-section (1) of section 9 of the Act so as to extend this deeming provision to sum of money exceeding Rs fifty thousand, received by a not ordinarily resident, without consideration from a person resident in India. This amendment will take effect from 1st April, 2024 and will accordingly apply to assessment year 2024-25 and subsequent assessment years.

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