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| Discuss Sending money back to parents... is not Taxable.. really. at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; I came across this: Shweta: I send a sizeable amount of money home every month. ... |
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#1
10th June 2008, 08:38 PM
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Sending money back to parents... is not Taxable.. really.
I came across this:
Shweta: I send a sizeable amount of money home every month. Can I claim my parents as my dependents? My dad is self-employed. Shanbhag: Whether your parents are dependents or not, the money sent to your parents is tax-free for you as well as your parents. taken this from. http://wealth.moneycontrol.com/shows...p?id=8881&pg=5 Is this true...? Really. Let me know on this. 
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#2
11th June 2008, 04:33 PM
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Re: Sending money back to parents... is not Taxable.. really.
Quote:
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#3
11th June 2008, 05:53 PM
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Re: Sending money back to parents... is not Taxable.. really.
Quote:
Any other comments on this. So Mr shanbag has definitely made a mistake. rite..?
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#4
19th June 2008, 06:53 PM
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Re: Sending money back to parents... is not Taxable.. really.
mr.Shanbag & moneygurukul both are right.
payer has to pay tax on his total income. and after that he can do what ever he want to with the balance. There is no tax gifts to close relatives, and hence, neither you nor your parents need pay any further Tax. However, if you gift cash to a person who is not your close relative, the receiver has to include the gifts in his total income and pay tax accordingly. For list of relatives, refer to Income Tax Act. Last edited by vanram; 19th June 2008 at 07:13 PM. Reason: spelling
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