Are there any downsides of using 3rd party remittance services to send money from US to India ?
Like for example I use transferwise to send $x to my dad's account in India, would it show my name as the depositor ?
Would it be considered as income for my dad ?
Any special care/precaution to take before using such services ?
I am a bit skeptical because the IT department in India should know that I i.e. his son has deposited money, so that it can be considered as a gift and thus non-taxable. If I send it via my bank in the US, I am sure the banks in India would also recognize the validity of the depositor.