Foreign money trf

This query is : Resolved

prasad (Querist)
Follow

14 February 2014 Dear Sir,

A assessee(Ramulu) is having a sister staying in Hyderabad,she has a two childern the two childern staying in US doing the JOB in US,
Ramulu had a child after married 15 years ,with love and affection his sister son and Daughter (US) they own acount in India.(ICICI Hyderbad Branch)they are transfer the amount in to Hyderabad Account Rs. 25000/- each.P.M.and TRF to Ramulu Son Account .the amount which received is taxable to Ramulu or His Son

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

14 February 2014 Well I believe money received from son/daughter of sister should be taxable as they are not covered under the definition lineal ascendant/descendant....money recevied by Ramulu/son from his sister wont be taxable.