Exempted income or not

Tax queries 183 views 2 replies
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Accounts Professional B.Com. MBA
49 Points Joined March 2014

DEAR SIR / MADAM 

PLEASE ADVISE ME DETAILS AS MY MARRIED SISTER LIVING IN ABROAD AND SEND A MONEY TO HER MOTHER IN CASH / FOREIGN CURRENCY TO MY MOTHER ACCOUNT GIFT / MAINTENANCE WE CAN SAY .... AS WE KNOW THIS INCOME IS EXEMPT FROM TAX I WANT TO KNOW IS ANY ANY LIMIT IN IT . 

 

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On 26 March 2019 at 00:29 Report
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SEO Sai Gr. Hosp.
209846 Points Joined July 2016

As far as Income tax act is concern, cash worth Rs. 2 lakhs or more is restricted u/s. 269ST; but also check foreign currency restriction as per RBI rules.

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On 26 March 2019 at 08:06
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Practicing Chartered Accountant
2481 Points Joined June 2013
What Mr. Varinder is trying to say I guess is like she is transferring directly into her mom's account as a gift or for her living.
If it's coming directly into her account then I guess there is no limit on making such transfer
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On 26 March 2019 at 08:17


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