Overseas Funds
Chintan
(Querist) 02 March 2010
This query is : Resolved
hi,
I am Indian citizen and my wife is Kenyan Citizen. We are staying in India. All my In-laws stays in Kenya. I want to know if my wife or any of my in-laws transfer some funds to my account or my wife account in India, then is it taxable. if yes, is there any exemption limit. Will it be added to my or her income during the year.
kindly advice
A V Vishal
(Expert) 02 March 2010
NO THE FUNDS TRANSFERS ARE NOT LIABLE TO TAXATION IN INDIA.
Vineet
(Expert) 02 March 2010
Your wife is a Resident in India for Income Tax purposes if she fulfills the criterian provided in section 6 of the Act.
Any sum received by you or your wife as gift from your wife's father, mother, brother, sister, their spouses are not taxable under Indian Income Tax Law.
However, if you receive any sum from your wife's uncles, cousins or nephews, the same will be included in your taxable income.
Kumar Thadhani
(Expert) 03 March 2010
i AGREE WITH mR. vISHAL & YOU mR. vINEET.
