Receiving money from foreign countries

Others 916 views 3 replies

Is there any tax if a not ordinary resident remits money from US to his parents?Amount is above taxable limit..

 

Replies (3)

It is not taxable here.

no the same is not taxable in india in the hands of that person. and the same

Any transfer of funds without any consideration may be categorized under section 56 of

the Income-tax Act, which treats it as income from other sources.

However, any sum of money received from any relative is not taxable.

for reference i m postin defination of relative which is as follows :

The term “relative” has been defined to include spouse of the individual, brother or sister

of the individual, brother or sister of the spouse of the individual, brother or sister of

either of the parents of the individual, any lineal ascendant or descendant of the

individual, any lineal ascendant or descendant of the spouse of the individual, spouse of

persons referred to earlier.


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