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Income from brother residing in us
I am a foreign student studying in India. My brother is sending me some money into my account SBI( Normal SB A/c) amounting to Rs 240000 in FY 2014-15. is that Amt taxable.Also should I have to file ITR.
Replies (3)
As per law monetary transaction between relatives are not taxable. since you and your brother is relative it will not be taxable. apart from this for FY 2014-15 basic exemption limit for an individual Assessee is Rs. 250000.00
hence it is not taxable and you need not to file return for that receipt.
Thanks for the reply. Will the condition change if my income from salary was 60000 and interest on FDR of 2500.
As i already said untill you have income below basic exemption limit of 250000.00 you need not file return
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