Funds Received from Dubai

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Mohd Sarfaraz Latibani (Querist)
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03 August 2010 My son is working in Dubai. He is sending money for us in his savings account which he opened it before going to gulf. I want to know is amount received is taxable in our hands or not, and can we take it as gift received from him.

Thanks

VINOD ARORA

VINOD ARORA (Expert)
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03 August 2010 when he is sending money to his own account, its not taxable in your hands. Please explain yopur query again.

visu iyer

visu iyer (Expert)
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03 August 2010 He need to open an NRI account
His investment to agriculturual property is to be dealt seperately..

Ur question is not clear.. First,
a) State is he NRI
b) Is money sent by him to his NRI/NRE a/c
c) Where the money is saved/invested..
d) Is the money is sent to his account or to your (parents) account
e) Are u (parent) tax assessee..

When the question is not clear it is not so comfort to be with the answer that you want..

Pl. be specific.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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03 August 2010 AGREE WITH VISU JI

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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03 August 2010 The earning person is transfering money to his own account in India. It cannot be taxed in the hands of parents.

Mohd Sarfaraz Latibani

Mohd Sarfaraz Latibani (Querist)
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03 August 2010 1.He is sending money to his savings account which he opened in India before going.
2. He went to gulf in January 2010.
3.The money is in his savings accounts.
4.Yes My Parents are tax assessee.

visu iyer

visu iyer (Expert)
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04 August 2010 If he has been to Gulf in Jan 2010. He cannot be a NRI in the last financial year.
considering that he has not been to outside india during last fin. year.
2) If parents are tax assessee and the amount is transferred to his personal saving account; then the amount is not subject to tax in the hands of parents.
3) the amount in his saving account is taxable in the last financial year subject to the tax limits.
4) He need to open NRI/NRE account for if he continue to be outside India this year, his income in India is not taxable
5) If u need any investment advise, pl let us know..

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