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Tax liability on gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 July 2015 I recently received gift of 1.5 lac rs in my account from my elder brother and used the same to make part payment of my already existing home loan.What are the tax implication of this on me or my brother .We both come in 30% tax bracket
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
19 July 2015 no tax is applicable on this..............
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 July 2015 But won't income clubbing play a part here , which usually happens when gifted money is invested
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