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NRI gifts to Resident relative
My brother from USA transfers, say $5000 to my bank account in India. What are the tax implications on both of us. Also what disclosures or formalities are to be done regarding the same.
Replies (3)
As per section 56(2) of income tax if you are received gift from your relatives then fully exempt irrespective of value
Any idea of tax implications in hands of NRI?
both are exempt from tax if they are relative
if they are not relative then upto Rs. 50000 amount as gift are exempt from tax in both of hand
if they are not relative then upto Rs. 50000 amount as gift are exempt from tax in both of hand
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