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?
Menu
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
Recent Topic
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
Related Topics
CAclubindia
