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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- TCS ON SOFTWARE SALES
- TDS RATE ON RENT PAID TO NRI
- FREELANCING ACCOUNTANT
- Not a CA , can we prepare balance sheet
- Income Type for interest from government bonds
- Gstr 9 2023-24
- GST Form ADT-02
- Reporting of savings account interest income
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
