Tax on money received in bank from foreign residing daughter
This query is : Resolved
05 February 2014
Dear CA Club Members,
i want to know the tax implication in this case:
If a daughter who is residing in US and sending Rs. 30,000/Per Month to her mother for her personal use
will mother need to pay any tax on this cash receiving from daughter although daughter is already paying tax on her income in United state.
Will be there any TAX related responsibility on Mother. or she is not suppose to pay any tax on that money ??
Plz Help....
Best:
Ankul Maheshwari
i want to know the tax implication in this case:
If a daughter who is residing in US and sending Rs. 30,000/Per Month to her mother for her personal use
will mother need to pay any tax on this cash receiving from daughter although daughter is already paying tax on her income in United state.
Will be there any TAX related responsibility on Mother. or she is not suppose to pay any tax on that money ??
Plz Help....
Best:
Ankul Maheshwari
05 February 2014
Amount received as gift in foreign currency is non taxable. Hence, no tax.
Thanks!
Thanks!
05 February 2014
Any amount received as gift from daughter is exempt whether received in foreign currency or Indian Rupees.
05 February 2014
Thanks for your valuable responses.
will these thing vary based on status of the daughter i.e Non-residential Indian (NRI), Person of Indian origin (PIO), Oversea citizen of India (OCI) ete.
Plz suggest ..
Best:
Ankul
will these thing vary based on status of the daughter i.e Non-residential Indian (NRI), Person of Indian origin (PIO), Oversea citizen of India (OCI) ete.
Plz suggest ..
Best:
Ankul
05 February 2014
Status is immaterial but you will have to prove the relationship and the source of income of daughter.
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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Eway bill for machinery reparing
- Applicable TDS for Purchase of Flat from NRI
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Taxation in the hands of Landowner under JDA
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
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
