Taxation( India)
Sir,
I would like to know from anybody whose wel versed in Indian Tax Laws.
Actualy My brother wants to gift me 150000/- cash and he ll transfer the amount to my account. I wish to know whether i am liable to pay the Gift tax or any tax to the Indian Government.?Please Help me..if tax evading is possible..
2 Answers from Attorneys
Re: Taxation( India)
Gift in cash from a brother (sibling) is not taxable.
Re: Taxation( India)
As gift tax is abolished wef 01-10-1998
the proposed gift from your brother is not taxable in your hands and at the same time your brother is supposed to show the source of the proposed gift,vis a vis he has to pay income tax if it didn't arrive out of his taxable income.Finally the term you used is illegal in the eyes of law and is also a very bad practice to crop up such ideas in mind.So next time you talk about avoidance of taxes but not evasion of taxes.
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