I am sponsoring my son for his master degree in abroad later i have advised him to repay ,If he repay later will it be taxable in India
taranath babu (90 Points)
25 June 2024I am sponsoring my son for his master degree in abroad later i have advised him to repay ,If he repay later will it be taxable in India
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167991 Points)
Replied 26 June 2024
No. Treat the repayment also as gift.
taranath babu
(90 Points)
Replied 26 June 2024
Sir thank you for the reply is there is any limitations for the money transfer from overseas
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167991 Points)
Replied 26 June 2024
Depends upon the rules of the overseas country from which the funds are transferred. No limit in receiving any money in India when transferred through any banking channel. Need to prove its source and that it is not taxable.
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