TDS on gift from real brother into NRO account - should be tax free right?
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? HDFC bank says above 7 Lakh is taxable at 20%
c) do we/he need to submit any document?
d) trust their will be no tax deducted at source for it
Please advice urgently.. if its taxable.. do you suggest i open resident account, get the funds and then transfer the account to NRO.. if that helps me save tax?
Best Regards
Saurav