Kantilal Kosandal (QA ) (24 Points)
22 July 2012I am 58yrs old and a pensioner. I pay tax on my pension and other earnings. My wife is also working and an IT payee.
If me or my wife gets, say Rs 10,000/ per month (by way of transfer to mine or my wife's SB a/c) from my daughter who is in USA, do we need to add this amount of 1,20,000/- to the total income, for IT returns and pay tax or this amount is totally tax free ?
Request an answer ASAP.
ABHAY
(Chartered Accountant )
(73 Points)
Replied 22 July 2012
Its the allocation of your daughter's income . and not the part of your income earned from abroad .
only the income of assesee is taxable .
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 26 July 2012
Abhay is right, its application of income and hence not taxable for you
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