Hello, there is a friend of mine she was separated from her husband and staying with her family now and her brother give her 30-40k per month for household expenses for herself and mother. but now she have started doing some part time work. so can anyone tell me how to treat the money which she receives per month from her brother as thats not her income and her brother is paying tax on that amount how to treat that in her return.
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How to treat money received from brother
Replies (4)
Quick Summary
No it not taxable because gift from an specified relative is not to be taxed under section 56(2)(x)
Okay thank you for replying. please tell me one more thing does it required any deed or without deed will there be any problem in future. as he sends her money every month so deed for every transaction will not be possible.
Nothing is needed . your bank statement will be the proof in case of scrutiny
This amount taxable in brother income i.e. Not tax to be paid by sister.
The gift deed to be prepare transactions wise for safe side in future
The gift deed to be prepare transactions wise for safe side in future
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