My brother who is an NRI residing in Dubai, wanted to gift my Father a sum of Rs. 500000.
What will be the Tax Implications (if any) on my Brother and Father as well any income tax act or any other act?
Menu
Case of gift
Replies (3)
Exempt as for ur father, ur brother falls in the category of relatives... any amount received from a relative shall be exempt..
Gift Received from a Relative is not taxable.
| Originally posted by : Fenil Shah | ||
 |
Gift Received from a Relative is not taxable. |  |
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
