Tax on money sent from my sibling in us to my bank account?

I think this will be clubbed as ios

if it is sent by your brother..than this will ne treated as gift from relative which is tax free..

This will be exempt for taxation being gift from brother. Prepare gift deed for the amount remitted.

As you received money from your brother i.e. brother is covered in the definition of relative and hence it is exempted from tax.....

I agree to disagree with others.. Income from relatives is exempt only to d extent of 50 000 if anything received beyond that then full amount is considered as income and you are suppose to pay tax on this. However this provision Is for residents. Since your brother deposit money in your bank account from out of India he must have paid tax on the income earned by him.. so if we charge tax on it it is double taxation..this is just an application of money earned and taxed by him.. I think it should be taxed considering DTAA.. I think bank manager will be surely able to guide you on this..

But this money in not being used by me. Its being withdrawn from ATM and handed over to my dad by me. So Is it like I need to get a Gift deed and again a gift deed for my dad?

The said amount is exempt from taxation as it is an amount received from relative. Limit of Rs.50000 is not applicable for relative. You can ask your brother to send a letter stating that monthly he will be sending such and such amount for giving it to mother. If any query arises from income tax department, this letter is more than sufficient for you to act as an evidence.

Anand,

Tax has been paid by him already and then i am receiving money from him.
What is DTAA? 

 

Gift received from Brother is not taxable, it is better to make a gift deed

 

Hey All

At the first instance this is conversion of SAVINGS (after paying taxes in US). It is not taxable in india. If this trasactions creates any problem, then go for gift deed. 

There is no tax implication on this transaction. Even gift deed is not required. Gift deed will be required if subject matter of gift is immovable property(Transfer of Property Act). For gift it is not important whether donor or donee is resident or non resident

It is advisable that at the end of the year, obtain a confirmation letter from your brother regarding amount he paid as gift and your acceptance to the same.

 

This amount isn't income in hands of reviewer as it has been received and taxed out of India by a non resident. Subsequent receipt of the same cannot be taxed in India as it is not Income accrued products deemed to accrue / received / deemed to be received in India However proper source of such receipts in hands of non resident will have to be established else the same can be treated as unexplained credits by the department

DTAA is double tax avoidance agreement between different countries.. guys as far as I believe gift deed is not for cash..!! Kindly confirm!!

Gift from Brother is definately not taxable. Moreover it is not used for generating any income eg FDs. So clubbing provisions are not applicable. Take a letter from him saaying that he has gifted it to you (mention the dates and amounts of transfers) out of natural love and affection.