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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Gift from Brother
Replies (5)
Gift upto rs 50000 is exempt from relative
and what about interest income?
cash gift from relative (brother) is exempted altogether ..it is exempted even if he invested in any securities or fixed deposit, the interest is also exempted
exempt no limit
gift from relative is exempt in any form but interest income on it will be taxable under IFOS
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