Hi Everyone,
Can any one help me in my following query:
Any Residential Indian getting Remittance in convertible foriegn exchangecurrency, from his son working outside India, Is the money received from such such person is exmpted from the head Gift Income thus the person (receiver) in India is not liable to pay tax on amount what his son has remited to him.
Is the whole amount exempt or there is any linit towards this exemption???
If son remit the amount from outside india to him parents living in India then such remittance is nottaxable in any case in the hands of parents.
The given income will not be taxable in the hands of the receiver as the source of income and person earning that income lies outside india.........remmitence does nt matter.........
the remittances will not be taxable.......................
CAclubindia
