Man can’t be taxed for Rs 20 lakh gift from NRI brother: ITAT – Times of India
MUMBAI: In a significant ruling, the Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench has held that a gift of Rs 20 lakh received by a taxpayer from his non-resident brother, based in the UAE, is not subject to tax. This judgement underscores that Indian tax laws exempt certain gifts from being taxed, particularly those received from…