NRI AND TAX
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
DO NRI WHO DO NOT FILE ANY ITR AS DO NOT HAVE ANY INCOME IN INDIA BUT HAD TRANSFERED 35 LAC TO HIS MOTHER WHO IS HOUSEWIFE 58 YRS OLD OPT TO DO FD IN INDIAN BANK FOR LONGER PERIOD OF TIME I.E 8 TO 10 YEARS
IS THERE ANY INCOME TAX ISSUE?
DO MOTHER HAVE TO START FILE ITR AS INTEREST WOULD BE MORE THAN MINIMUM INCOME FOR CURRENT YEAR EXEMPTION SET BY TAX DEPARTMENT.
15G WOULD NOT HELP AS WELL COZ ACCRUE INTEREST FOR A PARTICULAR YEAR EXCEEDS THE LIMIT TOO.
IS THERE ANY INCOME TAX ISSUE?
DO MOTHER HAVE TO START FILE ITR AS INTEREST WOULD BE MORE THAN MINIMUM INCOME FOR CURRENT YEAR EXEMPTION SET BY TAX DEPARTMENT.
15G WOULD NOT HELP AS WELL COZ ACCRUE INTEREST FOR A PARTICULAR YEAR EXCEEDS THE LIMIT TOO.
CA PARAS BAFNA
(Expert)
02 February 2011
Please refer the answer given for your query
on 01.02.2011.
on 01.02.2011.
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