Remittence from USA
This query is : Resolved
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.
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.
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
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
24 May 2008
Is Gift Tax Applicable for Gift recevied from Brother? If applicable what is the rate?
26 May 2008
Is there any limit of gift for Rs. 3.50 Lacs like something for nil tax?
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..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
