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I am a resident Indian who received a gift from a trust abroad sources legally approved and authorised by abroad country. It is transferred through an associate bank abroad where the trust has money, after opening a transition account in my name in that bank abroad and then to my account in INDIA after keeping it first in a transition account of my name.

What is the applicability of tax as it is mentioned in the transition account that the source of funds is by donation?

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    Are you expecting this gift. Who is the sender, what is the amount. This looks more like a scam – Dheer Oct 14 '18 at 15:29
  • Thank you.At first I also thought like this.But trust and Bank involved are reputed and well known. The Charles Feeny Philenthropies Foundation and Tthe Crooss Keys Bank, USA.The amount of gift $18500 and account opening deposit with Bank is $370.Amount not yet transferred and is awaiting verification process completed. – PARTHASARATHI Oct 15 '18 at 1:08
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    "legally approved and authorised by abroad country" what does that phrase mean? – mhoran_psprep Oct 15 '18 at 10:03
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What is the applicability of tax as it is mentioned in the transition account that the source of funds is by donation?

As indicated in the comments, this can be a scam. There is no need to keep the funds in a transition account. The donations can be directly sent to your Indian account. Depending on the type of donation; this may be treated as income to you and taxed in India as per tax brackets. In the US there is no tax obligation to you.

  • May be in the Bank proceeding the source of fund did not come from suspicious sources and the donar may have proof for its hold in any agreement done with bank. – PARTHASARATHI Oct 15 '18 at 10:47
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    @PARTHASARATHI The entire arrangement is very round about. More so as you haven't mentioned why you are getting this gift / donation? How did they short list you and identify you as the beneficiary? – Dheer Oct 15 '18 at 10:53

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