Hi I am female and salaried person.having form No 16.Can I take 5 lakh rupees from my brother in my saving account? is it safe?
Dear Ma'am,
Hope you are doing well !!
Yes, you can take the money from your brother in your saving account as a gift. There is no tax on gift received from relatives.
It is advisable to make a gift deed for the same. However, it is not mandatory.
We may help you in drafting gift deed.
Yes of course. Prepare a gift deed.
Hi
Yes. Show such receipts as exempt income in ITR.
Prepare notarized declarations for the gift transactions.
Hello Ma'am,
Yes, it would be treated as gift money.
You need to show the same as a exempt income while filing ITR.
Hello,
Yes, you can take such money as a gift through the banking channel. It would be exempt.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
Thanks a lot for your quick response but My CA says that it will be taxable and nonrefundable as my salary and saving account link with the same PAN Card so please suggest.
No. Your CA is incorrect. It shall not be taxable.
No Ma'am, it is not taxable.
Gift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act.
You can refer the section for your complete understanding.
We may assist you for the same.
No, it is not taxable. If it is taxable, how it can be treated as salary income. Your brother is not your employer. Transactions between relatives can be treated as gift.
It would be exempt considering it as a gift. Won't be considered as your salary income.
Gift from blood relation is not taxable. You please decide whether it is loan or gift. You should report the guft in your tax return though no tax is payable.
Yes you can surely take this gift from your brother in saving account. You just need to make a proper gift deed and it wont be taxed even if you are salaried employee.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Your CA is not correct.
It is not taxable.