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 ...
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Amount sent by son to his father from out side india
Replies (2)
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
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