Gift
This query is : Resolved
vignesh srinivasan
(Querist)
25 January 2013
my brother is in USA CAN HE GIFT 30.00 lakhs towards purchase of a property in my name
1.do i need to pay any tax in india
2.do i need to take some permission from RBI or any letter from my brother
3.is there any limit for accepting such gifts
1.do i need to pay any tax in india
2.do i need to take some permission from RBI or any letter from my brother
3.is there any limit for accepting such gifts
CA PARAS BAFNA
(Expert)
25 January 2013
You require a letter from your brother staying in USA. You need not to pay tax if you can prove that the brother is a real brother of yours. It is better to get prepared a gift deed in your favour from him and subsequently accepted it by yourself. RBI permission is not required as sum is of Rs. 30.00 lacs only and the house is also being purchased by you only.
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