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My son is presently deployed to work in New Jersey, USA by his employer company of Delhi for 3 years. He is remitting money to my general savings bank account in India. Is the amount so received from my son taxable as my income in India?

  • it may depend on the amount he is sending to you, can you give us a general idea – GµårÐïåñ Sep 21 '15 at 4:22
  • He has already sent 3200 US dollars in 2 months. THe money is to be ytilized in his mrriage. Til February He will sent 1600 $ every month. – Bishnu Prasad Rath Sep 21 '15 at 5:22
  • As already explained by Dheer (thank you), for you it would be considered a gift and is under the US Gift limit amount too, so it shouldn't bear any issues for him either, so you both should be fine without any foreseeable tax liens. – GµårÐïåñ Sep 21 '15 at 17:31
  • @GµårÐïåñ It seems like the question is whether the income is taxable in India. Your answer and Dheer's is about whether it's taxable in the US. – user32479 Sep 21 '15 at 23:15
  • @Brick correct, for the rules in India, he would need to consult someone who is a tax professional there or someone who lives in India with as much knowledge of their tax codes as was provided here for the US side of the equation. That being said, he will probably be subject to section 56(2) which indicates any sum of money received exceeding Rs 50,000 without consideration (cash or kind) by individual or HUF is chargeable to tax as income from other sources subject to certain exclusions or exemptions. Such gift tax needs to be paid as per income tax slab applicable to individual. – GµårÐïåñ Sep 22 '15 at 18:28
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Whether the amount so received from my son is taxable as my income in India ?

No there is no tax liability for you.
The money you received from you son would be treated as Gift and would come under Gift-Tax rules. As per current Gift Tax rules, you can receive unlimited funds from close relative, like your son. Any income you generate on these funds, i.e. interest on savings account, FD, etc is taxable to you.

Your son maybe liable for taxes in US as in US Gift tax is on donor [i.e. your son]. The yearly limit is $14000 per person after which it can be deducted from estate limit or taxes paid.

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