POSTED BY November 8, 2012 2:20 pm COMMENTS (4)ON
I have 2 situations for that I need to know about tax implications.
1. I live in India. I have purchased a property in India on my sister’s name who lives in abroad. She transfers money from her foreign bank account to my (or my father’s) saving account in India and I pay to the builder. Is there any income tax implication on me?
Though property is on her name. I have provided my address and contact details for the ease of communication. Is it right? Does it complicate things for me?
2.She occassionaly transfers small amounts of money into my account as a gift or to purchase something for her from India.Is there any income tax implication on me?
I really appriciate if you can help me understand this.