Gift from reletive

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2014 I Received cash of Rs.35 lacs trough bank from my brother who is working in australia from last 3-4 years.
Please suggest me what are the tax implications in this case and also suggest me how to show this transaction (as a gift or by any other way)?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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21 August 2014 as you have received the cash from your brother, it is not taxable.

Show it is as gift as it is gift.

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2014 thanks for the reply
whether there any need to make gift deed ?

i also want to know that whether i can give this amount to someone on interest ? if yes then what are the tax implication on that interest income

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