Tax on offshore money transfer (US banks) between two resident Indians
This query is : Resolved
19 February 2022
My brother works in one of the US MNCs in India. He holds some US stocks given by the organization he works as part of his CTC. He has earned some money from dividents on these stocks. He wants to transfer ten thousand USD this year as a gift to my US bank or trade account in US so that i can start investing in US Stocks. Both of us are residents and citizens of india staying in bangalore.
1. Now do i need to pay any tax in india as it is a gift from him. (even though the transactions are in USA).
2. is it legal to transfer money to him in india while he transfers equivalent money in USA
Thanks in advance for your help
1. Now do i need to pay any tax in india as it is a gift from him. (even though the transactions are in USA).
2. is it legal to transfer money to him in india while he transfers equivalent money in USA
Thanks in advance for your help
19 February 2022
1 No need to pay any tax india as gift to relative exempt.
2 yes, treat as gift.
2 yes, treat as gift.
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