Money sent by son from abroad when taxable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2011
My son is serving abroad. He wants to gift some money to me and my wife and also wants to deposit some money in his saving account in India. Whether it invites tax of any kind like income tax gift tax etc. What should be done to save tax legally.
CA PARAS BAFNA
(Expert)
26 July 2011
HE CAN GIFT MONEY TO HIS PARENTS AND ALSO CAN REMIT THE AMOUNT IN HIS SAVINGS ACCOUNT (NRE, NRO A/CS).
IN CASE HE IS AN NRI HIS INCOME IS FOREIGN INCOME IS NOT TAXABLE IN INDIA.
OUT OF FOREIGN INCOME RECEIVED BY HIM THERE WHAT EVER HE IS SENDING IN INDIA WILL BE TREATED AS REMITTANCE AND AS SUCH WILL NOT BE TAXABLE.
PLEASE CHECK THE TAXATION PROVISIONS ON GIFT IN THE COUNTRY OF HIS EMPLOYMENT ALSO.
IN CASE HE IS AN NRI HIS INCOME IS FOREIGN INCOME IS NOT TAXABLE IN INDIA.
OUT OF FOREIGN INCOME RECEIVED BY HIM THERE WHAT EVER HE IS SENDING IN INDIA WILL BE TREATED AS REMITTANCE AND AS SUCH WILL NOT BE TAXABLE.
PLEASE CHECK THE TAXATION PROVISIONS ON GIFT IN THE COUNTRY OF HIS EMPLOYMENT ALSO.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Visiting card purchase
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
