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?
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.