Hi,
My brother would like to gift me 100K AUD from India. He would like to transfer using his own indian bank account as wire transfer and send the money to my Australian bank account.
I know gift money are not taxed, but just wanted to confirm that and also do I need to submit any documentation or anything?.
Hi @abbiredv
Most likely you won't need to do anything. If that money then generates interest, the interest will be taxable.
Please check out our gifts and inheritances thread for more. We have a section there for money from an overseas family member.
Hi @abbiredv
Most likely you won't need to do anything. If that money then generates interest, the interest will be taxable.
Please check out our gifts and inheritances thread for more. We have a section there for money from an overseas family member.
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