Online money transfer from USA - Income Tax Forum - Chartered Accountants India,Taxpayers, CAs India, CA india ,ICAI, Company Secretary ,CS, Cost Accountants, MBA, Finance Professionals

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Srinivas K
Executive
[ Scorecard : 39]

Posted On 23 June 2009 at 16:31

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Hi Friends,

I received online money transfer from USA through ICICI bank around Rs.50000/- in the year 2008-09. Is that money taxable? If so under what head?

Thanks in Advance :)

R.Suresh
Executive
[ Scorecard : 369]

Posted On 23 June 2009 at 16:35

Hi Srinivas,

Tell me what purpose u received the money from USA, without information no bady can tell that money is taxable or not

Either that money received for u given a service to USA or what purpose

please mentioned the purpose clearly, than only know that wheather it is ataxable or not

Srinivas K
Executive
[ Scorecard : 39]

Posted On 23 June 2009 at 17:22

Originally posted by :R.Suresh
"	Hi Srinivas, Tell me what purpose u received the money from USA, without information no bady can tell that money is taxable or not Either that money received for u given a service to USA or what purpose please mentioned the purpose clearly, than only know that wheather it is ataxable or not	"

Hi Suresh,

Let us assume that the money is for the services from india.

Prem Kumar
Articled student--Final
[ Scorecard : 359]

Posted On 24 June 2009 at 13:10

Then it will be taxable in the head of Income From business or profession