Foregin remitences

This query is : Resolved

koteshwara rao jonnalagadda (Querist)
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02 August 2014 respected sir's,
my daughter got australian citizen ship,now she want to give me 50,000 dollers as a loan to be returned in 24 months.
i want to invest the same in stock market in equities.
kindly guide me for refund procedure on due date.
tax liability at my end on earnings.
OR
can i take it as gift.
can i RETURN it as gift at the end of 24 months.
kindly sugest me for better tax planing.
with regards.

ALOK GOEL

ALOK GOEL (Expert)
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03 August 2014 1. DUGHTER IS IN THE DEFINITION OF CLOSE RELATIVES OF FATHER , THEREFORE NO TAX ON HER FOREIGN MONEY RECIVED BY HIS FATHER PROVIDED SHE IS NRI .

2. U CAN TAKE ALL US$ 50,000 DIRECT OR AS A LOAN WITHOUT ANY TAX LIABILIRTY.

3. FATHER AFTER INVESTING IN STOCK MARKET NEED TO PAY TAX ON EARNINGS FROM THIS US$ 5000.

4. U CAN ALSO TAKE IT AS GIFT AS NO TAX ON GIFT BY CLOSE REATIVES IN INDIA AND IT IS FOREIGN EXCHANGE --ABSOLUTELY NO TAX.

5.TAX-PLANNING - Father can TAKE ALL US$ IN A/C - NO TAX. Then Pay tax in India for stock market transactions by filing ITR-2.

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