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..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Income of an individual
- NRE Interest Income applicability
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Query regarding TDS on EPFO Higher Pension Arrears*
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
