transferring amount between saving and NRO

Question

I want to transfer some amount from my mom saving account to my NRO account to pay my utility bills. I am managing my mother's account as she lives with me overseas. Will this amount will be taxable?

Dheer · Answer

From India taxes point of view, there is no taxes on this as parents can gift unlimited amounts to children.
Not sure if this would come under gift taxes in yourcountry of residence, it would depend on your tax status and regulations in that country.

transferring amount between saving and NRO

One Answer

Add your own answers!

Ask a Question