In india on gift articles received by a individual income tax needs to be paid?

Question

does i need to pay income tax on articles i receive from phama companies

Answer 1

If the Amount of the gifts (value) is less than $100,000, then you need to do nothing. If the amount you are bringing in to the country is $100,000 or more, then you need to report this to the IRS on Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) under Part IV of the form. There will be no taxes due on the money, it is simply a reporting requirement.

I have included for you the IRS Form so that you may look at it and familiar yourself with it.

Good Luck

http://www.irs.gov/pub/irs-pdf/f3520.pdf

Answer 2

There is no gift tax in India. However, if you receive over Rs. 50,000 from non-relatives or without any reason, then it is taxable.

Read about Wealth Tax and Gift Tax in India: http://mytaxes.in/index.php?topic=19.0

Answer 3

As the articles given by pharma compenies is due to your professional position, value of gift articles received by you will be taxed and it will be taxed as business income. Not as Gift.