Regarding the gifted money from nri brother or son
This query is : Resolved
21 December 2015
Sir, Father is a retired employee as well as my mother is also retired employee, and they are constructing a house. My younger brother is nri from last 6 to 7 year and would like to give Rs. 10 Lacs for construction of that house. Now my question is if he make transferred the money through my account or my father's account either it will be taxable or treated as gift. What should i doto get that money as a gift.
23 December 2015
Your brother can make gift in any of the two capacity i.e. as brother or son. Or in other words he can gift the money either to you or your father. In both cases it will be exempt for the receiver as it has been received from 'relative'. It is advisable to take the gift through his NRE bank account transfer or by cheque. And also get a formal gift deed signed by your brother on stamp paper of appropriate value as per your state stamp laws.
23 December 2015
But since your fahter and mother are constructing the house it will be better if your brother directly makes gift in father's favour.
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