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Govt Increases Threshold On Reporting Gifts From Abroad To Rs 1 Lakh

By Staff
|

Rules on reporting gifts received from abroad have been revised to increase the threshold from the earlier Rs 25,000 to Rs 1 lakh. Under the amended Foreign Contribution (Regulation) Act, you are only required to report all gifts you received from abroad when their value exceeds Rs 1 lakh, as per the market value of the gift item in India.

Govt Increases Threshold On Reporting Gifts From Abroad To Rs 1 Lakh
 

The Home Ministry on Monday notified this rule under the Foreign Contribution (Regulation) Act, 2011 along with some other modifications.

As per the amended rules, one is required to report any emergency medical aid received on a visit abroad and the acceptance of foreign hospitality. You are required to report to the government within a month of such receipt. Earlier, it was required to provide the intimation within two months.

The intimation should contain full details including the source, an approximate value in Indian rupees and the purpose for which and the manner in which it was utilised.

No such intimation is required if the value of such hospitality in emergent medical aid is up to Rs 1 lakh.

With inputs from PTI

Read more about: gifts income tax taxes
Story first published: Tuesday, September 17, 2019, 12:21 [IST]
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