HY EVERYONE
i want to know that what will be tax treatment in the followin cases.
A son who is reside at outside india sent some money for his dependent parresnts regularly.....
Kindly reply as early as possible
Thanks in advance ...
HY EVERYONE
i want to know that what will be tax treatment in the followin cases.
A son who is reside at outside india sent some money for his dependent parresnts regularly.....
Kindly reply as early as possible
Thanks in advance ...
It is not taxable in the hands of the father. But it is safe to prepare a gift deed because if the father has no other income and does not file IT return, he will surely receive a notice from Income tax dept for non-filing of ITR.
THANKS FOR REPLY
I ALSO WANTED TO KNOW THAT WHAT PRECAUTION ONE SHOULD TAKE WHILE SENDING MONEY FROM OUT SIDE INDIA TO INDIA....
I MEAN TO ASK IN TERMS OF FEMA....
KINDLY REPLY
CAclubindia
