My younger brother wants to give me Cash gift of Rs. 49000.00. He is in the 30% Tax Bracket and I am in 5% tax Bracket.
1. So will this Gift attract any kind of Tax?
2. Can he gift me this amount by investing in any Liquid/mutual Fund/ Fixed Deposit in my name?
3. In the 2nd case who will be liable for the tax on Returns from such investments?
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