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Dr. Vinok K. Singhania on the Income-tax Act, 1961
  • OVERSEAS CITIZEN OF INDIA

    by VIKASH on Tuesday, August 18, 2015 at 01:02 AM

    DO WE TREAT OCI AS A PERSON OF INDIAN ORIGIN AND TAKE STAYING LIMIT IN INDIA FOR A MINIMU PERIOD OF 182 DAYS INTEAD OF 60 DYAS? FUNDS RECD AS GIFT FROM SISTER AND UNCLE FROM OUTSIDE INDIA WERE USED BY OCI FOR PURCHASING OF IMMOVABLE PROPERTY? IS IT FEASIBLE? IF SO THEN WHAT DOCUMENTS CAN FORM SATISFACTORY PROOF

    Replied byDr. Vinod K SinghaniaTax Management Consultant Date: 20/08/2015

    If the taxpayer, any of his parents or any of his grandparents were born in undivided India before August 14, 1947, he will be treated as person of Indian origin for the purpose of section 6(1). If such person comes to India on a "visit" for less than 182 days during a previous year, he will be non-resident in India for the previous year. Gift received from sister or uncle is not taxable under section 56(2). The recipient of gift should have sufficient documentary evidence pertaining to receipt of gift from sister or uncle. A bona fide gift will not have any problem.

 
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