divya kashyap (md) (41 Points)
16 August 2014My 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?
Vaibhav Jhamb
(student)
(21 Points)
Replied 16 August 2014
Exempt as for ur father, ur brother falls in the category of relatives... any amount received from a relative shall be exempt..
Fenil Shah
(Audit & Tax Executive)
(402 Points)
Replied 16 August 2014
Gift Received from a Relative is not taxable.
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