gift tax 2010…

POSTED BY monGenie ON November 23, 2010 12:46 pm COMMENTS (2)

I have given Rs. 30,000 /- gift to my real brother this FY thru bank transfer.

Is it tax emepted (i.e. tax free ) for both of us acc. to gift tax law in India for FY 2010 ?

What formality I need to do, if any, to make it tax free for both of us ? such as gift certificate etc…

 

2 replies on this article “gift tax 2010…”

  1. Kalyani Tiwari says:

    Thanks, Chakri.

  2. Chakri says:

    Kalyani,

    There is no gift tax as such in btw relatives and that to the upper limit is 50K or 1L per FY, I believe. Better you make a gift deed for the abv amount on some occation like on his birthday or graduation day something like that. It is not exempted from IT for you and the interest if any, earned on that will become income to your brother, if it is invested by your brother on his name.

    Thanks,
    Chakri

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