Hello there
Myself shivani mehta
My mother was a born nri n she is now 76 years old. In april 2022 my dad expired so my mother shifted to india in july 2022 from east africa. In beginning she was willing to go back but later we made her understand not to stay alone in east africa so she agreed to stay in india. She had nre fixed deposits which we broke and transferred all money to my savings which is a residential account. Now we gave bank a letter to close down the nre n nro account forever.
I am having interest income of approx rs. 5.50 lacs every year n accordingly i file my returns. Now my mother transfered almost 95 lacs in my account in january 2023 so my interest income will definitely rise so i told my mother to open a residential account on her name with mine as joint but then she needs to file returns, pay taxes n also link pan with aadhar coz being an nri she dint have to do any such thing
She finds all these headache at this age n says that i instead keep all money n pay tax.
What should i do
I hv no other income of any kind
Kindly advise.
Thank you all in advance
How can i save tax if i keep all money on my name or if i re transfer on my mother name as resident account then what will she have to face
CAclubindia
