I have sold a plot in INDIA and want to gift the 50% of money to my brother who is working in US (San Francisco) and who want to purchase a house in US.
- What is the procedure to transferring the money to him. What declaration in have to give to the Bank (any Forms to fill)
- Will I have to pay Income Tax/Capital Gain Tax in India for the full amount or 50% of the amount.
- Rest of amount will be used to purchase property in India.
Please help and guide me.