Tax query regarding amount received from NRI blood relative

[Aditya Gupta]

Hi,

My real brother who is an NRI and settled in USA, wishes to send some money to me, which i plan to invest in a friend's business. What are the tax implications that I will have to face? Are there any other implications apart from tax?

Also, when I receive the amount from my brother as a gift, do I need to disclose it to the bank?

Thanks in advance. :)

AI Summary

Understanding Tax Implications and Disclosure Requirements for Money Received from NRI Brother for Business Investment An individual inquires about the tax implications of receiving money from an NRI brother settled in the USA, which is intended for investment in a friend's business. They seek clarity on any additional implications beyond tax and whether such a gift needs to be disclosed to the bank.