TDS on LRS into NRO account (deposit from real brother as gift)
This query is : Resolved
16 January 2025
HI,
If my brother is transferring money to me: eg INR 60,00,000/- (as gift) in parts , say 5-6 transactions
a) is their any restriction or issue with that?
b) i believe its not taxable, as its my real brother?
c) do we/he need to submit any document?
d) trust their will be no tax deducted at source for it
Please advice urgently
Best Regards
Saurav
If my brother is transferring money to me: eg INR 60,00,000/- (as gift) in parts , say 5-6 transactions
a) is their any restriction or issue with that?
b) i believe its not taxable, as its my real brother?
c) do we/he need to submit any document?
d) trust their will be no tax deducted at source for it
Please advice urgently
Best Regards
Saurav
17 January 2025
What is the tax residency status of you and your brother?
If your brother (donor) is non-resident and you (recepient) are resident, then
1. no there is no restriction.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
If your brother is non-resident and you are resident, then
1. no there is no restriction except for limit of USD 250000 annual limit.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
Ping me if you need more help on this.
If your brother (donor) is non-resident and you (recepient) are resident, then
1. no there is no restriction.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
If your brother is non-resident and you are resident, then
1. no there is no restriction except for limit of USD 250000 annual limit.
2. It is not taxable
3. it is advisable to have a gift deed.
4. No TDS applies.
Ping me if you need more help on this.
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- REGARDING GST LIABILITY/....
- Suggestions required for income tax filing-software (FY 2025-26)
- Loan by Partnership Firm
- E way bill for tractors
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
