Indians working abroad can send money home tax-free to parents, as long as they are classified as specified relatives. While remittances are not taxed, income from investments made with that money may be taxable. Details here. For the full story, visit the source.
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NRI sending money to parents in India: Are overseas transfers taxable?
Indians working abroad can send money home tax-free to parents, as long as they are classified as specified relatives. While remittances are not taxed, income from investments made with that money may be taxable. Details here.
By Eshita Gain· Livemint· 2 days ago· 2 min read
This summary is sourced from Livemint. Read the full article at:Livemint