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Income Tax Application For A son Sending Money To His Parents
First Of All Parent Take Education Loan For Son Then Son Go To US For Pilot Study. Now Son Send Couple Of Money Amount In His Parents Account. What Is Treatment Of This Transaction In India.Moreover Father Is Doing Job In India. Please Help Me.....!!
Replies (3)
If Son sends money from US, & if tax is already paid in that country by Son........
The amount is tax free in the hands of Father, in India.
But Son Send Money To Family As Maintenance Expenses Of Family And Also Is It Consider As GIFT ??
Yes.
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