Amount transfer to Minor brother account

This query is : Resolved 
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A sister is looking to transfer Rs 15 lakh to her minor brother's account for his studies and is concerned about income tax implications. The advice given is that transferring funds via a banking mode is acceptable and there are no income tax issues. It's recommended to create a simple gift confirmation letter on plain paper to document the transfer.

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(Querist)
08 January 2025 A sister wants to transfer amount rs 15 lac to her minor brother for study
Is there any problem in income tax or not
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 January 2025 No. Transfer through banking mode. Make a gift confirmation letter on plain paper.
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Yasir

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Yasir (Querist)
08 January 2025 It means payment will be done by any banking mode and no limit of amount to be transfer
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