Parents receiving money from NRI son

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  1. Suraj Gudala

    Suraj Gudala New Member

    I know NRI sending money to Indian parents is common in India today.
    I know that those receipts are not taxable to those patents as it is already taxed in abroad.(correct me if I am wrong).

    I want to know, Wether such Indian Parents has to disclose such receipts any where in ITRs or Other Forms.

    And Is such NRI Filing return in India has to disclose anywhere?
  2. Karan Batra

    Karan Batra Well-Known Member

  3. Suraj Gudala

    Suraj Gudala New Member

    Thanks for the info.

    If someone filed previously without such disclosure, Is it recommended to revise such return?

    Thanks in advance.
  4. Karan Batra

    Karan Batra Well-Known Member

    Yes, you can revise the return and mention this in the income tax return
  5. It is advisable to execute a proper gift deed on plain paper stating the desire and acceptance of the gift - this completes the transaction as per legal requirement of Transfer of Property Act, 1882. There is no requirement to register or stamp this deed. It can be entered in duplicate and kept in respective tax files.

    In my view, disclosure of income as "exempt income" in ITR is not required.
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