Gift from NRI relative

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2010 I was transferred money to my account from my brother from abroad. From this money I bought a car on my name.

and the EMI will also be paid by my brother.

please suggest about the tax part.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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04 January 2010 Hiii....

Gift from Relative is not taxable under section 56(vii)....

Brother comes under relative category in the above section, therefore it is not taxable in your hand.

Regards!!!
Dinesh S. Adhikari