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Want to gift to my brother

This query is : Resolved 

Sir,

I want to gift 3lac to my brother , here i want to know where it will effect in Income tax whether in Balance sheet or capital account and under what head.

Please suggest


It's Your capital account of your balance sheet...

Sir
Not clear wat you said can repeat onces.

In income tax: no taxation on Gift to relatives.
If you are having Capital of Rs 5 Lac and out of it making a gift to your brother of 3 Lac your capital will reduce to 2.00 Lac,


It's not a expenditure. You give Your money to Your brother. Then it will less Your capital account (from. Your pocket). So it will be accountable in Your capital account and the capital account reducing as per Mr CA PARAS BAFNA...

Thanking you all Sir.


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