I want to send money to my son, who is PR in canada for the purchase of house. How much money i can send per year and what will be the Tax deducted on it. Whether tax will be @0.5% or 5%.
I am government employee having income of 12 lakh per annum. And last what is best option to send money to canada from India.
Your best option is to send money to your son as a gift. Your son will not have to pay tax on the gift received, and there is no upper limit on the amount of the gift that you can give him. A gift letter should be prepared and notarized. Consider making a wire-transfer to your son’s Canadian bank account.
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