Is gift tax applicable in india

From 2002 to 2010, I was working abroad.
Be Wise, Get Rich.Just give us a missed call on to explore our unique Free Advisory Service.Follow 3 answers.Want to know more about tax planning?5 stars to best answer!Your gifts must not turn out to be a burden on the receiver.Gifts will be taxed if: You receive gifts other than on occasions mentioned above.The rent you get is taxable in your hands.You have to report the value of the gifts that you receive as taxable income under the head Income from other sources.
As you are giving it to your brother there is no limit on the amount of money that can be gifted.
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Post as a guest, name, email discard, by clicking "Post Your Answer you acknowledge that you have read our updated terms of service, privacy policy and cookie policy, and that your continued use of the website is subject to these policies.For more details read the ml m, your Answer draft saved draft discarded, sign up or log in, sign up using Google.Be it your dear grandparents who shower endless love generously on you by gifting you land, money or other assets, or be it your parents who gift you that new race bike or jewellery, gifts send a clear message.Gifts show that you care.The good news is not all gifts are taxed in your hands:.In every transaction I used to keep 10000/- separately with me (my hard earned money).
Having mentioned gifts and the amount of love they represent, the law somehow thinks that too much love is not healthy, if it comes free of cost.