07 August 2010
i recd. gift from my brother in foreign currancy who is living in america, should i required gift deed in respect of that for income tax purpose or not ( rS. 13 LACS)
07 August 2010
A letter from your brother to you regarding the details of such gift will do the needful, though its not mandatory but its always advisable to be on the safer side.
07 August 2010
gifts received from relative do not attract income tax liability, however to explain the receipt there should be either gift deed or some other written doc.
CAclubindia
