Tax on nri money transfer

This query is : Open

IRFAN ALAM (Querist)
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27 April 2016 Dear sir,

I am a senior citizen having PAN no. But not filing return earlier as I am not a tax payer.

I am receiving amount( 6 lacks per year ) from my NRI friends in USA between 2009 to 2016.
on behalf of my neighbours which I am paying to him either by cheque/cash as and when ask by him. For there help and medical and marriage support .I am having some quarries as follows..

1. The amount is taxable Rs. 6 lacks per years and if yes then how much.
2. The amount of intrest is taxable over 6 lacks
3. Income tax return is necessary .
4. Any government black money quarries will come under this transaction.
5. My sons income is coming under this issue.
kindly give me you valuable advice and solution for transfer money from USA and my USA friend are not available in India.

Thanks and regards
Irfan alam

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 April 2016 1 Amount received in excess of Rs 50,000 is taxable.
2 Yes the interest is taxable over 6 lacs,
3 Income tax return is necessary.
4 If no return is filed and tax is paid such query will come.
5 Your sons income will be treated as gift and no tax payable on it.
6 The amount received is from NRI only not from any foreigner.

IRFAN ALAM

IRFAN ALAM (Querist)
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27 April 2016 thnaks sir for your valuable reply . what is the safe solution for receiving money frim USA.

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