Gift from Brother



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 upto rs 50000 is exempt from relative

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and what about interest income?
 
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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

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exempt no limit
 
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gift from relative is exempt in any form but interest income on it will be taxable under IFOS

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