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Taxation aspect of financial transactions between Brother & Sister
Taxation of Transactions Between Brother & Sister | Gift & Relinquishment
What happens when a brother and sister transfer money or property between themselves? Is such gift taxable? What about relinquishment of rights in property?
In this Short, I explained the key Income-tax implications of gifts and relinquishment between siblings, including the meaning of “relative” under the Income-tax Act, taxability of gifts, and important capital gains considerations on relinquishment of property rights.
A useful guide for taxpayers, property owners and tax professionals dealing with family transactions particularly between brother and sister.
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