189. Is money sent to parents from abroad taxable in India
Q: I am a Indian citizen working in UK on work permit and my parents are in India. When I transfer money to India into my parent's account is it taxable in India. Also can they use it to buy any property in India. Thanks & Regards Sanjay Kumar. A. Your parents need not pay income tax on the money sent to them by you, taxes on income tax is paid by the person who earns the income. Your parents can do whatever they like with the money you send them. There may be taxes payable for the interest received on the bank accounts of your parents for which banks do deduct TDS.
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NRI - OCI - PIO Guide & Information
189. Is money sent to parents
from abroad taxable in India
Q: I am a Indian citizen working in UK on work permit and my parents are in India. When I transfer money to India into my parent's account is it taxable in India. Also can they use it to buy any property in India. Thanks & Regards Sanjay Kumar. A. Your parents need not pay income tax on the money sent to them by you, taxes on income tax is paid by the person who earns the income. Your parents can do whatever they like with the money you send them. There may be taxes payable for the interest received on the bank accounts of your parents for which banks do deduct TDS.
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