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Foreign transfer amount

Tax planning 321 views 1 replies

RAJA

accountant

118 Points Joined July 2012

Hello,

i want know about foreign transfer money to india normally it is taxable or not, why we wanted submit the form 15CB and 15CA complete process about that, can we bring the foreign money to india as gift to my doughter/son/father/monther please reply me

thanks in advance

Replies (1)

Anubhav

Chartered Accountant

429 Points Joined March 2008

Hello Raja, We would like to answer your query one by one. 1. Any income earned globally by a resident of India is taxable in India. (Ref. Sec. 9). 2. Form 15CA and CB are required any remittance from India is done, for disclosing the details to the Indian authorities these forms are required. 3. Regarding the gift aspect, there is no problem in gifts given to daughter,spouse,son,father etc.(sec. 56). But concrete steps be taken after proper study is done on the nature of gifts and amount. So it is advised to provide complete facts and sought professional guidance. For ny further query PM/ mail us. Anubhav Jain anubhavjain176 @ gmail.com