ICICICICICI HOWWWWWWWWWW

[Papachak]

[quote author=alfaromeo link=topic=228513.msg2821482#msg2821482 date=1314118646]
asalu valla dad tax file cheyakapothe paristhi enti??? india lo asalu chala mandi tax file cheyaruga ?? ala tax file cheyakapote emanna problems vuntaya future lo??? CITI#H@ CITI#H@ CITI#H@ CITI#H@
[/quote]adi naa desam... enthanna dobbani politicians... eppudo oka sari okkadanna rakapotada.... rules frame enduku chesukunnav... cheating enduku cheddam anukuntunnav...  ~"!

[riddle]

[quote author=Papachak link=topic=228513.msg2821470#msg2821470 date=1314118561]
statements iste saripodu... proof... experience... where r they i say....  F@#da
[/quote]

I am an NRI (US residence) holding an NRE account in Mumbai [ Images ]. I am planning to transfer money from this NRE account into my mother's (who is an Indian resident) regular savings account, also in the same branch. I have the following questions:

1. I believe that this amount is tax-free without any limits. But can you please confirm this for me?

2. Since I will lose repatriability on this amount, is there any other legitimate way of sending money out of India to relatives abroad. For example, I have heard that one is legally allowed to send up to $25,000 per year abroad. Is this true? If so, how would that be reflected on my mother's IT return? Also, what are the tax implications for me?

-- Mohnish

1. Yes, the amount that you transfer to your parents is tax-free without any limit.

2. As per Master Circular, dated July 1, 2006, Indian residents are allowed to remit abroad up to $100,000 per annum for maintenance of close relatives. You will be a close relative of your parents as per the law and hence this should take care of your requirements.

Also, as per latest AP Dir Circular, the $25,000 limit that you refer to has been increased to US$200,000 per financial year and this includes gifts. Therefore, an Indian resident may send as much as $300,000 per annum abroad out of which $100,000 is necessarily to close relatives.


Source [url=http://business.rediff.com/column/2009/jun/05/tax-money-sent-to-parents-in-india-is-tax-free.htm]http://business.rediff.com/column/2009/jun/05/tax-money-sent-to-parents-in-india-is-tax-free.htm[/url]

[riddle]

[quote author=Papachak link=topic=228513.msg2821495#msg2821495 date=1314118746]
nenu money vesanu ante maa dad account lo tana account lo generate avutunnayi ane kada....  S%Hi
[/quote]nuvu money vesina amount is not taxable.. any interest generated on that is taxable... S%Hi S%Hi S%Hi

[Jeffa]

[quote author=riddle link=topic=228513.msg2821492#msg2821492 date=1314118733]
statements enti baa.. it is my experience... you can transfer it as Gift to your parents and it is not taxable... S%Hi S%Hi
[/quote] @gr33d @gr33d eppudaina ekkada aina i mean in india or US naaku telsi only income u earned meedane tax kattali...

[I hate caste......]

family maintanance ane pettu

[Papachak]

[quote author=riddle link=topic=228513.msg2821523#msg2821523 date=1314118947]
nuvu money vesina amount is not taxable.. any interest generated on that is taxable... S%Hi S%Hi S%Hi
[/quote]ante dabbulu dobbestunnaruroooooo..... ippudu em cheyyali.... [img]http://www.lazypic.com/images/12Cat_Walk.gif[/img]

[riddle]

[quote author=Papachak link=topic=228513.msg2821575#msg2821575 date=1314119341]
ante dabbulu dobbestunnaruroooooo..... ippudu em cheyyali.... [img]http://www.lazypic.com/images/12Cat_Walk.gif[/img]
[/quote]I did not understand your situation.. mee Dad income kind chupichara aa transfer nee? He is not supposed to show that as income... S%Hi S%Hi S%Hi

[Papachak]

[quote author=riddle link=topic=228513.msg2821523#msg2821523 date=1314118947]
nuvu money vesina amount is not taxable.. any interest generated on that is taxable... S%Hi S%Hi S%Hi
[/quote]ante dabbulu dobbestunnaruroooooo..... ippudu em cheyyali.... [img]http://www.lazypic.com/images/12Cat_Walk.gif[/img]

[Papachak]

[quote author=riddle link=topic=228513.msg2821584#msg2821584 date=1314119440]
I did not understand your situation.. mee Dad income kind chupichara aa transfer nee? He is not supposed to show that as income... S%Hi S%Hi S%Hi
[/quote]India lo ela nadustundo naku telidu... kani tax filing matram CA chestadu... bank statements maa dad audit reports tisukuni.... em jarugutundo asalu kanukkovali....

[qwerty1204]

[quote author=ceylon subbarao link=topic=228513.msg2821546#msg2821546 date=1314119105]
family maintanance ane pettu
[/quote]

gift to parents ani petti pampanu baa...diff emmana untadi antava sCo_^Y

[Papachak]

[quote author=alfaromeo link=topic=228513.msg2821554#msg2821554 date=1314119199]
chating aa???  ^G#W ^G#W ^G#W  ma dad farmer, so tax file cheyadaniki income e ledu.. sFun_duh sFun_duh sFun_duh sFun_duh
[/quote]asalu valla dad tax file cheyakapothe annav.... maa dad gurinchi cheppa... mi dad farmer ani nakem telusu... income lekapoyina tax filing anedi citizens responsibility... enthaina raitanna kabatti... tana kashtalu tanaki vuntayi... leniency ivvochu....

[Papachak]

[quote author=riddle link=topic=228513.msg2821510#msg2821510 date=1314118852]
I am an NRI (US residence) holding an NRE account in Mumbai [ Images ]. I am planning to transfer money from this NRE account into my mother's (who is an Indian resident) regular savings account, also in the same branch. I have the following questions:

1. I believe that this amount is tax-free without any limits. But can you please confirm this for me?

2. Since I will lose repatriability on this amount, is there any other legitimate way of sending money out of India to relatives abroad. For example, I have heard that one is legally allowed to send up to $25,000 per year abroad. Is this true? If so, how would that be reflected on my mother's IT return? Also, what are the tax implications for me?

-- Mohnish

1. Yes, the amount that you transfer to your parents is tax-free without any limit.

2. As per Master Circular, dated July 1, 2006, Indian residents are allowed to remit abroad up to $100,000 per annum for maintenance of close relatives. You will be a close relative of youhttp://www.andhrafriends.com/Smileys/default/sFun_ahohno.gifr parents as per the law and hence this should take care of your requirements.

Also, as per latest AP Dir Circular, the $25,000 limit that you refer to has been increased to US$200,000 per financial year and this includes gifts. Therefore, an Indian resident may send as much as $300,000 per annum abroad out of which $100,000 is necessarily to close relatives.


Source [url=http://business.rediff.com/column/2009/jun/05/tax-money-sent-to-parents-in-india-is-tax-free.htm]http://business.rediff.com/column/2009/jun/05/tax-money-sent-to-parents-in-india-is-tax-free.htm[/url]
[/quote]
ade mari... ee example lo NRI account.... kani nuvvu money transfer gurinchi matladutundi direct ga like BofA through western union ala....

[riddle]

[quote author=alfaromeo link=topic=228513.msg2821554#msg2821554 date=1314119199]
chating aa???  ^G#W ^G#W ^G#W  ma dad farmer, so tax file cheyadaniki income e ledu.. sFun_duh sFun_duh sFun_duh sFun_duh
[/quote]you can transfer amount to your Dad as gift or family maintenance.. your dad need not pay any tax on that amount.. emanna interest vaste..if that interest crosses the taxable income in India then probably return file cheyali emo... adhi general ga cross avadu.. i think in India the taxable income starts from 1.5L or 1.8 L I am not sure..  S%Hi S%Hi S%Hi

[riddle]

[quote author=arey ooo samba link=topic=228513.msg2821599#msg2821599 date=1314119533]
gift to parents ani petti pampanu baa...diff emmana untadi antava sCo_^Y
[/quote]family maintenance or gift anything is fine... S%Hi S%Hi S%Hi

[riddle]

[quote author=Papachak link=topic=228513.msg2821616#msg2821616 date=1314119630]
asalu valla dad tax file cheyakapothe annav.... maa dad gurinchi cheppa... mi dad farmer ani nakem telusu... income lekapoyina tax filing anedi citizens responsibility... enthaina raitanna kabatti... tana kashtalu tanaki vuntayi... leniency ivvochu....
[/quote]baa in India agriculture income is not taxable.. farmers need not file tax returns as their income is non taxable... if there is other sources where income is more than 1.5 or1.8L i am not sure abt the amount then only they need to file return.. S%Hi S%Hi