Remittence from USA

This query is : Resolved

Ravi Kumar Rajgaria (Querist)
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24 May 2008 My brother is residing in USA and doing Job there. He send Rs. 2 lacs and the same is directly deposited in my savings Bank Account in India.
Is this amount is taxable in my hand?
Can i treat the same as Gift in my file?
He regularly send me the money.He is paying tax there on his earning.

CA. Vineet Grover

CA. Vineet Grover (Expert)
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24 May 2008 Hi Ravi,

You may treat the same as gift. You have to pay gift tax on the same.

YOu would also have to prepare a gift deed declaring the amount and providing the PAN details to be submitted at the time of filing of return.

Rgds/
Vineet

Ravi Kumar Rajgaria

Ravi Kumar Rajgaria (Querist)
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24 May 2008 Is Gift Tax Applicable for Gift recevied from Brother? If applicable what is the rate?

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Ravi Kumar Rajgaria

Ravi Kumar Rajgaria (Querist)
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26 May 2008 Is there any limit of gift for Rs. 3.50 Lacs like something for nil tax?

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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26 May 2008 gift tax is not in force now. gifts are taxable under income tax. but gift from brother is not taxable, so just prepare a gift deed and get it signed by ur bro..