Rikin Shah 11 December 2016
I am an Indian citizen and working in Canada at the moment. I have a joint account in Bank of Baroda with my father.
I pay income tax in Canada and planning to send money to my account in BOB (which is joint account) and that money will be used by my father for expenses (for routine expenses and family support).
My questions are:
1. The amount received in this account is taxable?
2. Is there any limit for this transfers? Meaning can I do as many transfers as I want?
3. Looking at the demonetization condition, is it legal to send money to India for family support?
Main reason behind these transfers are for family support and to pay my education loans.
Kindly reply in details. Thanks in advance.
Rikin Shah 17 December 2016
Hello, thanks for your reply.
I visited ICICI bank in Toronto and they are saying I have to be present if want to add my dad as joint holder.
What if I transfer this remittance money to BOB account that he is having currently? Will that be taxable?
Dhirajlal Rambhia (KVO Merau Kutchh) 17 December 2016
Your statments are contradicting; first you said BOB acc is my account, now you say BOB acc is his account.Though its joint account, but who is the primary holder and who is joint holder. If you are joint holder, is your status converted to NRI joint holder?
Any reply to your query requires all this aspects to be checked.
There is no restriction to send money to this joint account, but while repling to any query from IT/RBI, you should be clear.