Dear all,
There are two children, though majors, requiring financial help, having lost their parents due to the pandemic.
I know a number of people, who are willing to contribute but they want to put their contribution in my Bank account and are asking me to give it to the children because the children do not have a bank account in their name at the moment. Also, it may be difficult for the children to open an account in their name as they are under care of a relative abroad for the time being.
But i am not wanting to collect for the children in my bank a/c because of possible tax implications - The receipts can get taxed as my income
Can someone suggest how to go about this?
CAclubindia
