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| Subject: Irrevelant Important Immediate Inquiry.... |
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Hi all,
My relative was in the US for 3 months on business visa. His company owes him around $18000 for his services. He is saying that to avoid tax in India, he wants his company to issue a check in my name to my NRE account in India. And then I can transfer the realized money from my NRE account as a gift to him (as gifts from relative do not attract any tax)
I don´t think this is legal, but can you guys shed some light on the matter please ?
Thanks for your help in advance.
[06-10-2005,20:07]
[***.242.242.2]
Raj |
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(in reply to: Irrevelant Important Immediate Inquiry....)
I doubt if that company will be agreed to issue a cheque in your name. On the other hand, as far as I know, a person upon receiving a gift worth more than Rs. 50,000 (not sure about the limit) has to declare it while filing income tax return, which is no more exempted from income tax.
[06-10-2005,20:50]
[***.128.34.94]
Kool |
(in reply to: Irrevelant Important Immediate Inquiry....)
If you receive the check from any source, you will be taxed on that US $18,000. Are you williing to do that? Secondly, this is cheating and unethical. Go by your own ethics standards.
[06-10-2005,21:25]
[**.171.94.57]
ME |
taxes (in reply to: Irrevelant Important Immediate Inquiry....)
Nothing is certain except for death and taxes. You can be sure you will get stuck with some tax liability in one country or another. Let your relative take the risk.
[06-10-2005,23:31]
[**.42.117.64]
Tim |
(in reply to: Irrevelant Important Immediate Inquiry....)
Guys,
Thanks for the immediate response, I feel the same as you, but I just wasn´t sure.
[06-10-2005,23:42]
[**.112.77.97]
Raj |
(in reply to: Irrevelant Important Immediate Inquiry....)
hey raj, why do you want to cheat man, seems this is the mentality of all the south asians
[07-10-2005,20:38]
[**.149.73.5]
Jo |
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