Non-Resident software professional send money(From US to India) Rs.25,00,000/- to her/his parents, parents staying in India. This case parents received Rs.25,00,000/- Taxable amount or not? Please clarify me.
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Professional send money(from us to india) rs.25,00,000/- to her/his parents.this amount is taxable?
Replies (2)
Hi,
As per the Income Tax Act, 1961, any income received or receivable in India by a Non Resident is taxable in India.
In this case, the income is remitted and not received in India. The person being a Non resident must have paid tax on the said amount in the country where the income is generated and hence mere remittance of such income to India will not be taxable.
Also, as per Section 56(2) of Income Tax Act, 1961, any amount received without consideration in excess of Rs. 50,000 is taxable as Income from Other Sources. But the exception to this provision is the receipt of such amount from relatives, the definition of which includes son as well.
Hence, in this case, the amount of Rs. 25,00,000 shall not be taxable neither as a gift as it is received from the son and hence non taxable, nor as any other source of income.
not taxable if the taxes have been paid on the same in the country from where u have been receiving it
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