Tax on money received in bank from foreign residing daughter
This query is : Resolved
05 February 2014
Dear CA Club Members,
i want to know the tax implication in this case:
If a daughter who is residing in US and sending Rs. 30,000/Per Month to her mother for her personal use
will mother need to pay any tax on this cash receiving from daughter although daughter is already paying tax on her income in United state.
Will be there any TAX related responsibility on Mother. or she is not suppose to pay any tax on that money ??
Plz Help....
Best:
Ankul Maheshwari
i want to know the tax implication in this case:
If a daughter who is residing in US and sending Rs. 30,000/Per Month to her mother for her personal use
will mother need to pay any tax on this cash receiving from daughter although daughter is already paying tax on her income in United state.
Will be there any TAX related responsibility on Mother. or she is not suppose to pay any tax on that money ??
Plz Help....
Best:
Ankul Maheshwari
05 February 2014
Amount received as gift in foreign currency is non taxable. Hence, no tax.
Thanks!
Thanks!
05 February 2014
Any amount received as gift from daughter is exempt whether received in foreign currency or Indian Rupees.
05 February 2014
Thanks for your valuable responses.
will these thing vary based on status of the daughter i.e Non-residential Indian (NRI), Person of Indian origin (PIO), Oversea citizen of India (OCI) ete.
Plz suggest ..
Best:
Ankul
will these thing vary based on status of the daughter i.e Non-residential Indian (NRI), Person of Indian origin (PIO), Oversea citizen of India (OCI) ete.
Plz suggest ..
Best:
Ankul
05 February 2014
Status is immaterial but you will have to prove the relationship and the source of income of daughter.
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