Hello.
My brother is an NRI. He wants to gift me a sum of2 Crores. I understand that there is no gift tax on movable & immovable properties in India. This gift will be through official banking channels. So, will he have to provide any supporting documentation along with the bank transfer? Is RBI permission required? Will he have to furnish a gift deed?
Please let me know the exact way so that I do not fall into a trap.
Thanks.
I think there is ceiling on the amount of money an NRI can transfer to home country in a financial year as prescribed by the RBI.
There is no any limit of transfer. Moreover you can enjoy the full exemption of the same gift the Indian income Tax Act. Moreover Gift Deed is no so compulsory but beneficial. And just bank evidences are enough to prove the gift.
agree with mihir
ITO can ask for the sources of income and also the returns filed by your brother to ensure the genuininty of the gift.
There is no restriction under FEMA to receive the said money.
Anuj
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