TDS on LRS into NRO account (deposit from real brother as gift)
This query is : Resolved
Saurav Puri
(Querist)
16 January 2025
HI,
If my brother is transferring money to me: eg INR 60,00,000/- (as gift) in parts , say 5-6 transactions
a) is their any restriction or issue with that?
b) i believe its not taxable, as its my real brother?
c) do we/he need to submit any document?
d) trust their will be no tax deducted at source for it
Please advice urgently
Best Regards
Saurav
If my brother is transferring money to me: eg INR 60,00,000/- (as gift) in parts , say 5-6 transactions
a) is their any restriction or issue with that?
b) i believe its not taxable, as its my real brother?
c) do we/he need to submit any document?
d) trust their will be no tax deducted at source for it
Please advice urgently
Best Regards
Saurav
Nikhil Kaushik
(Expert)
17 January 2025
What is the tax residency status of you and your brother?
If your brother (donor) is non-resident and you (recepient) are resident, then
1. no there is no restriction.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
If your brother is non-resident and you are resident, then
1. no there is no restriction except for limit of USD 250000 annual limit.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
Ping me if you need more help on this.
If your brother (donor) is non-resident and you (recepient) are resident, then
1. no there is no restriction.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
If your brother is non-resident and you are resident, then
1. no there is no restriction except for limit of USD 250000 annual limit.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
Ping me if you need more help on this.
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