Money transferred from abroad to India
1. First Joint Account (First Name on Joint Account – MY MOTHER, Second Name on Joint Account – MY BROTHER)
a. I work in UK and I have transferred money through my wife's NRE Account into the this account.
b. From April 2017 till date, the total amount transferred has been Rs.4250808.51/-, of which
i. There are Fixed Deposits of Rs.2000000/- (Twenty Lakhs) ,
ii. An investment (ICICI PRUDENTIAL MUTUAL FUND) of Rs.500000/- (Five Lakh)
iii. Around Rs.700000/- (Seven Lakhs) cash is in the bank account available for withdrawal.
iv. Remaining has been used towards ‘Living’ expenses incurred by family.
c. My mother is retired and does not have any income and my brother has NOT worked within this financial year and does not have any savings of his own. The questions are:
i. Does my mother OR my brother have any potential tax liabilities for the money that has been transferred into this particular account till date?
ii. For the interest on the fixed deposits & debt fund paid into this account on a periodic basis, there is a ‘TDS’ deducted. What needs to be done to claim a ‘Tax Refund’ for this?
2. Second Joint Account (First Name on Joint Account – MY BROTHER, Second Name on Joint Account – MY MOTHER)
a. The money for my mother’s monthly living expenses is transferred into this account each month. The questions are:
i. Does my mother OR my brother have any potential tax liabilities for the money that has been transferred into this particular account till date?
Asked 7 years ago in Income Tax
Sorry - the first line in the above paragraph was missing - My brother has two Joint accounts in India with your mother. First one has my mother's name as the first name and the 2nd has my brother’s name as the first name.
Asked 7 years ago
