Tax
by gaurav on Jul 10, 2008 10:21 AM Permalink | Hide replies

If i give a gift of Rs. 1 lakh to my yonger/elder brother or sister will it be tax free.

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RE:Tax
by Oommen Mathews on Jul 10, 2008 10:31 AM Permalink
If you gift to your brother,
they don't need to pay any tax for the amount received, but the gifted money need to show in your taxable income.

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