New answers tagged

1

Your son can gift you unlimited amount of money. It does not fall under income tax. It falls under gift tax. As per gift tax there is no tax for you. Any interest you earn on this is taxable to you. Your son transferred into savings account... if your son is NRI he can't hold savings account. Ask him to open a NRE account and convert savings account to NRO ...


3

"No financial interest" means that you have signing authority over the account, but you don't own the money in it and aren't allowed to withdraw from it at will. One example would be a business account owned by a company where you're employed as a purchasing manager, and you need to sign checks drawn on that account to pay invoices. FBAR doesn't care about ...


5

The following is my understanding based on having worked in the UK. Allowances don't roll over between tax years any allowance you didn't use-up last tax year is lost. Within a year your allowance is split up between your pay periods and within a tax year unused allowances do carry forward. So what should happen is that you get both April's share of the ...



Top 50 recent answers are included