I am sponsoring my son for his master degree in abroad later i have advised him to repay ,If he repay later will it be taxable in India
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Overseas Money transfer from son to Father
Replies (3)
No. Treat the repayment also as gift.
Sir thank you for the reply is there is any limitations for the money transfer from overseas
Depends upon the rules of the overseas country from which the funds are transferred. No limit in receiving any money in India when transferred through any banking channel. Need to prove its source and that it is not taxable.
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