Tax on money sent from usa

pratyu (Querist) 01 February 2016 This query is : Resolved
sir
my son sent money to my savings account in india from usa for our personal use.i made fixed deposit by saving money sent to me in my name for rs 2000000 and have filed tax return through bank .my question is will my son be charged income tax on this amount as well,he is paying tax in usa and is sending part of his earnings home,is my son liable for income tax on savings done by us or on the interest we receive on it.is this included as his income and should he file returns as well.please kindly inform.

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Kappil Cchandna (Expert) 01 February 2016
Sir,

You can call and discuss regarding the same with CA Karan Chandna at 9871563826

Anirudh (Expert) 01 February 2016
The simple answer to your query is that it is enough if you pay tax on the interest income (ofcourse after availing all the exemptions and adopting tax saving methods).

Your son will not be called upon to pay any tax in India. Therefore, he need not file any tax returns in India.

R.K Nanda (Expert) 01 February 2016
consult tax lawyer.

Rajendra K Goyal (Expert) 01 February 2016
you and not your son have to pay tax on interest earned.

Raj Kumar Makkad (Expert) 01 February 2016
Your son has earned the income in USA hence he is not liable to pay as per Income Tax Act especially when you are paying it.

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