Can A person take a gift from his brother upto 10 lakhs when both are resident of India.
Would the person accepting the Gift will have to pay any tax iy yes at what rates if the income for this year is supposed to be 2lakhs
Would The income from gift will be recorded as income in the computation of the person and taxed as per the Slab rates
What in the case if a son takes a gift from his father will the gift income will be treated as sons income and be taxed as per the tax slab rates
Provisions of Sec.56 (2) (vi) are not applicable to gift received from a relative. The definition of relative includes Brother of the individual and hence nothing is taxable. There is no limit for accepting gift from relative.
I totally agree with what Mr. Ashok said. The gift from relative is not a taxable gift.
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