MONEY FOR MAINTENANCE
This query is : Resolved
02 August 2020
Whether my NRI son can send me money from the US towards my maintenance. what are the tax implications? what is the max limit, etc. please answer with as many details
02 August 2020
There will be no Tax Implications. As the money transferred by you will be treated as a gift given to you and as per proviso to Sec 56(2)(x), the gift is not taxable if exchanged among relatives. Also, there is no limit on transferring the amount.
Please write to us at cakaransingh01@gmail.com for further enquiry.
Please write to us at cakaransingh01@gmail.com for further enquiry.
03 August 2020
within India (residents)how much max cash gift can be given in relatives?
03 August 2020
I think i have resolved your query with another question you asked. Still, I would say there is no limit of exchanging gifts among relatives. But relatives should be those persons or members of the family which are defined in Sec 56(2) of the Income Tax Act.
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