Is NRI money sent to joint bank account (w/parent) in India taxable/subject to TDS in India?
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My bank a/c in India is a joint account with my parent a senior citizen. Is the $ money I send as an NRI through direct bank to bank deposits taxable to my parent in India? TDS is being applied. Is this correct? Can NRIs gift money to parents, brothers, sisters and not have the receiver worry about Taxes? 1. Should I worry about Taxes in India on the money I send to my own joint a/c? 2. Should the receiver of the money worry about Indian taxes? 3. Is there a time limit for the receiver to file Indian taxes and claim refun on any TDS collected in previous years...last couple of years?
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Answer:
No tax shall be deducted on the money transfer to ur joint account. If the bank is doing this, get in touch with them and explain them that the money you transfer is not subject to TDS.
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