03 August 2010
My son is working in Dubai. He is sending money for us in his savings account which he opened it before going to gulf. I want to know is amount received is taxable in our hands or not, and can we take it as gift received from him.
03 August 2010
He need to open an NRI account His investment to agriculturual property is to be dealt seperately..
Ur question is not clear.. First, a) State is he NRI b) Is money sent by him to his NRI/NRE a/c c) Where the money is saved/invested.. d) Is the money is sent to his account or to your (parents) account e) Are u (parent) tax assessee..
When the question is not clear it is not so comfort to be with the answer that you want..
03 August 2010
1.He is sending money to his savings account which he opened in India before going. 2. He went to gulf in January 2010. 3.The money is in his savings accounts. 4.Yes My Parents are tax assessee.
04 August 2010
If he has been to Gulf in Jan 2010. He cannot be a NRI in the last financial year. considering that he has not been to outside india during last fin. year. 2) If parents are tax assessee and the amount is transferred to his personal saving account; then the amount is not subject to tax in the hands of parents. 3) the amount in his saving account is taxable in the last financial year subject to the tax limits. 4) He need to open NRI/NRE account for if he continue to be outside India this year, his income in India is not taxable 5) If u need any investment advise, pl let us know..
CAclubindia
