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Foreign currency received by sister from brother in India

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(Querist)
02 June 2010 If sister(India) received money from brother(UK) in GBP. which is non - refundable. Is there any Income tax in india on such money. It's GBP 20000
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
02 June 2010 What is the value. Depending on the value we have to decide the course of action.
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CA Shiv

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CA Shiv (Expert)
03 June 2010 if value is higher treat is as gift and wont be taxed...
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GP Kesarwani

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GP Kesarwani (Querist)
03 June 2010 It's GBP 20000
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CA Shiv

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CA Shiv (Expert)
03 June 2010 ok...
Treat it as a gift only...I hope no income is generated from such amount. If income is earned than it wil be clubbed with brothers income...

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