Money received from specified relative
This query is : Resolved
16 May 2019
Sir
My real sister having US citizenship, was to come to India,for wedding purchases in India ,for her Son's marriage which was to be performed in US only. While coming and during her stay with me for that purpose of wedding purchases , her spouse , transferred some amount to meet up her purchases expenses, in my saving a/c here in India, from US, in dollars, but was credited in my saving a/c in India in Rs.
She spent all money which was earlier sent by her spouse,on her purchases here , and went back to US
Query:-
1. Is there any requirement to report this transaction when it is neither an income nor a gift , in ITR 1 or 2 .( individual )
2.How this receipt can be seen in ITax Act otherwise.
Pls take-up this query.
My real sister having US citizenship, was to come to India,for wedding purchases in India ,for her Son's marriage which was to be performed in US only. While coming and during her stay with me for that purpose of wedding purchases , her spouse , transferred some amount to meet up her purchases expenses, in my saving a/c here in India, from US, in dollars, but was credited in my saving a/c in India in Rs.
She spent all money which was earlier sent by her spouse,on her purchases here , and went back to US
Query:-
1. Is there any requirement to report this transaction when it is neither an income nor a gift , in ITR 1 or 2 .( individual )
2.How this receipt can be seen in ITax Act otherwise.
Pls take-up this query.
CA R SEETHARAMAN
(Expert)
16 May 2019
1 No requirement to report in ITR as it is neither an income nor a gift.
2 Money transfer between relatives.
2 Money transfer between relatives.
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CA R SEETHARAMAN
(Expert)
16 May 2019
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