LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Kavita (Educationist)     17 June 2011

Gift from brother - Tax Concerns & NRE Investment Options

@ Learned members, pls advice

My cousin brother is working in the merchant navy and is not married and does not have any liabilities.

He would like to shoulder the responsibilty of my child and would like to gift me a sum so that I could overcome the financial difficulties that I have.

Currently Im a housewife and am not working. Not filing any returns since I do not have any source of income.

Can learned members please advice :

1.  Can I deposit the sum (say 10 lacs) in my regular savings account ? 

2. What documentation do I need, while making the deposit ?

3. Am I liable for any tax derived from the interest of this principal amount if I place the sum in an Fixed Deposit for 440 days ?

4. What is good investment option for NRE's, since his savings account only gives him an interest of 2-3% ?

Since his job is higly volatile and fitness dependent, can some learned member advice how he should invest his money, other than property. How can he derive good returns on his hard earned money.

anticipating your valuable suggestions ........



Learning

 1 Replies

Sourav Chatterjee (Professional)     20 June 2011

dear Kavita,

at first a GIFT-DEED have to make for this gift,between donor(your brother) and donee(you).

if your income from investment through out a financial year is exceeds Rs.10000/-,then the bank with whom the investment is made,is compulsarily liable to deduct @10% on interest income as TDS,you may claim refund of the TDS amount by submitting your return of income.

-Sourav.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading