Dear Sir,
My daughter reside in Africa from last few years. She will be sent some foreign earning to my and my wife and son account near about 1 crore. Is it taxable in our income tax return ???
And please guide me is there any other compliances - waiting for valuble reply, Thanks
Money received as a gift from a daughter to her parents and brother is exempt from income tax in India under Section 56(2)(x). To maintain compliance, it is highly recommended to formalize the transaction with a gift deed, document the source of the funds through bank records, and ensure all transfers are conducted through authorized banking channels to adhere to FEMA regulations. Always consult a tax professional to finalize the documentation before the end of the financial year.
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