Foregin remitences
This query is : Resolved
02 August 2014
respected sir's,
my daughter got australian citizen ship,now she want to give me 50,000 dollers as a loan to be returned in 24 months.
i want to invest the same in stock market in equities.
kindly guide me for refund procedure on due date.
tax liability at my end on earnings.
OR
can i take it as gift.
can i RETURN it as gift at the end of 24 months.
kindly sugest me for better tax planing.
with regards.
my daughter got australian citizen ship,now she want to give me 50,000 dollers as a loan to be returned in 24 months.
i want to invest the same in stock market in equities.
kindly guide me for refund procedure on due date.
tax liability at my end on earnings.
OR
can i take it as gift.
can i RETURN it as gift at the end of 24 months.
kindly sugest me for better tax planing.
with regards.
03 August 2014
1. DUGHTER IS IN THE DEFINITION OF CLOSE RELATIVES OF FATHER , THEREFORE NO TAX ON HER FOREIGN MONEY RECIVED BY HIS FATHER PROVIDED SHE IS NRI .
2. U CAN TAKE ALL US$ 50,000 DIRECT OR AS A LOAN WITHOUT ANY TAX LIABILIRTY.
3. FATHER AFTER INVESTING IN STOCK MARKET NEED TO PAY TAX ON EARNINGS FROM THIS US$ 5000.
4. U CAN ALSO TAKE IT AS GIFT AS NO TAX ON GIFT BY CLOSE REATIVES IN INDIA AND IT IS FOREIGN EXCHANGE --ABSOLUTELY NO TAX.
5.TAX-PLANNING - Father can TAKE ALL US$ IN A/C - NO TAX. Then Pay tax in India for stock market transactions by filing ITR-2.
2. U CAN TAKE ALL US$ 50,000 DIRECT OR AS A LOAN WITHOUT ANY TAX LIABILIRTY.
3. FATHER AFTER INVESTING IN STOCK MARKET NEED TO PAY TAX ON EARNINGS FROM THIS US$ 5000.
4. U CAN ALSO TAKE IT AS GIFT AS NO TAX ON GIFT BY CLOSE REATIVES IN INDIA AND IT IS FOREIGN EXCHANGE --ABSOLUTELY NO TAX.
5.TAX-PLANNING - Father can TAKE ALL US$ IN A/C - NO TAX. Then Pay tax in India for stock market transactions by filing ITR-2.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Inventory of finished goods
- Confusion around Form 26QB fields
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Filing of Form 10BB instead of Filing Form 10B
- Sale of property furniture sale
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
