Gift
This query is : Resolved
Raghavendra kumar
(Querist)
17 July 2014
A lady residing in U.S. for a long time having ancestral assets in India. she is now willing to transfer such assets to her brother's son residing in India.can she do so. if yes can someone please explain me the tax implications and alternatives available for this.
Nikhil Kaushik
(Expert)
17 July 2014
it would be advisable to give the gift to brother instead of brother's son. gift to brother wont attract any tax liability. however, to brother's son would result in addition of income in brother's son's income.
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