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.
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
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
