Kiran (NA) (32 Points)
19 April 2011I am a salaried employee, living with parents (age above 65yrs) and wife. My income is not sufficient to fulfill House hold needs. My brother is NRI. He is transferring Rs 6000/- per month to my Salary account. Is this amount treated as my income? How to deal with this amount?
Vignesh Killur
(Articled Assistant)
(1666 Points)
Replied 19 April 2011
Gifts recieved from relatives is exempt from tax. For more Info check out this link-
CA. Arpita Singhal
(Partner)
(100 Points)
Replied 19 April 2011
Gifts from NRI relatives are not taxable so the amount of Rs. 6000 given to you by your brother will not be included in your income.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
