transferring money as gift to me by my son residing abroad an NRI

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transferring money as gift to me by my son residing abroad an NRI

what is the maximum amount that my son can transfer to my and my spouse saving account and what is the procedure for a recipient parent in term of tax liability on the amount received in his account

Profile photo of prashant shah Asked By: Anonymous 2 replies 1 helpful answers Last Updated: 3 months ago
  • Profile photo of prashant shahAnonymous

    what is the maximum amount that my son can transfer to my and my spouse saving account and what is the procedure for a recipient parent in term of tax liability on the amount received in his account

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    There is no tax implication on the money transferred by your son to either of you. Only important thing is that he should have valid source of income for such payment and he should have paid the due taxes on it.

  • Profile photo of Nitesh BindNitesh Bind
    Participant

    Any gift given by Son to any of its parents is a GIFT GIVEN TO RELATIVE which is totally exempt under the Exception to Section 56(2)(x). No tax implications would be done in your hands or your wife hands in case your Son is sending you money from abroad.

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