Gift tax

RAVICHANDER V.M. (Senior Executive-Finance)   (69 Points)

19 May 2016  

Dear Sir

I require clarification on gift tax applicability in the below mentioned cases.

1.My friend who is in the US wants to know whether he has to pay gift tax in US if he plans to give a gift deed of a property which is located in Bangalore to his younger brother.

2.Secondly he wants to know whether his younger brother who stays in Bangalore and who is in receipt of a gift deed from him has to pay gift tax.If so what is the rate of gift tax which is payable.