Hello, I am 58 yrs old and a pensioner. I pay tax on the pension and some other earnings I have currently. If my daughter residing in USA transfers say Rs.10,000/- per month to my SB a/c in India. Do I need to show this amount of Rs 1,20,000/- (along with my other earnings and pension) while filing the IT returns ? Do I need to pay tax on the combined income ? Would be very grateful if somebody replies ASAP.
1 Answers
No need to pay any income tax on these transfers.
Consider this as gift and there is no income tax on gift from daughter.
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