Transfer of money by a son (non resident)
This query is : Resolved
Anand Modi
(Querist)
26 October 2012
Dear,
I want to know that what is the process of transferring money by a Son (Non Resident Indian) from DUBAI to his Father or Brother or Mother (all are resident indian).
Whether the Non Resident Indian son has to open NRE Account or he can directly transfer the money to Father/ Brother /Mother Account?
What is the TAX Liability?
Which are the laws to be reviewed?
I want to know that what is the process of transferring money by a Son (Non Resident Indian) from DUBAI to his Father or Brother or Mother (all are resident indian).
Whether the Non Resident Indian son has to open NRE Account or he can directly transfer the money to Father/ Brother /Mother Account?
What is the TAX Liability?
Which are the laws to be reviewed?
26 October 2012
Non Resident son can transfer the money directly to his Father or Brother or Mother who are residents. There is no tax liability as they are relative u/s 56 of Income Tax Act 1961.
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