Remittence from USA
This query is : Resolved
24 May 2008
My brother is residing in USA and doing Job there. He send Rs. 2 lacs and the same is directly deposited in my savings Bank Account in India.
Is this amount is taxable in my hand?
Can i treat the same as Gift in my file?
He regularly send me the money.He is paying tax there on his earning.
Is this amount is taxable in my hand?
Can i treat the same as Gift in my file?
He regularly send me the money.He is paying tax there on his earning.
24 May 2008
Hi Ravi,
You may treat the same as gift. You have to pay gift tax on the same.
YOu would also have to prepare a gift deed declaring the amount and providing the PAN details to be submitted at the time of filing of return.
Rgds/
Vineet
You may treat the same as gift. You have to pay gift tax on the same.
YOu would also have to prepare a gift deed declaring the amount and providing the PAN details to be submitted at the time of filing of return.
Rgds/
Vineet
24 May 2008
Is Gift Tax Applicable for Gift recevied from Brother? If applicable what is the rate?
26 May 2008
Is there any limit of gift for Rs. 3.50 Lacs like something for nil tax?
26 May 2008
gift tax is not in force now. gifts are taxable under income tax. but gift from brother is not taxable, so just prepare a gift deed and get it signed by ur bro..
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