All - I am a US citizen investing money in my parents name by transferring from my resident account to their account. The money is invested in India based mutual funds and they are Indian citizens. My wife is listed as nominee.
Does the income from these classify as clubbing of income and is there anything I need to be concerned about adding this back to my income? There are articles on the internet that gifting to parents is tax free and so is the income they generate.
would appreciate forum members response to this.
thank you.
Clubbing of income question
Clubbing of income question
returnedtoblr16;662516All - I am a US citizen investing money in my parents name by transferring from my resident account to their account. The money is invested in India based mutual funds and they are Indian citizens. My wife is listed as nominee.
Does the income from these classify as clubbing of income and is there anything I need to be concerned about adding this back to my income? There are articles on the internet that gifting to parents is tax free and so is the income they generate.
would appreciate forum members response to this.
thank you.
I don't think that the gains will be added to your income.
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