Sir / Madam,
(1) Can i start a business in my adult daughter's name while she is still completing her studies abroad.If yes ,then i will have to file Income Tax Return in her name?
(2) In case the answer to the above question is yes, then if she start's earning an income abroad then can i continue the business activity in her name & continue to file her IT return? Also the income that she earn's abroad will surely be tax deducted in the country where she will be working.Will this income earned abroad ,need to be mentioned while filing her IT Return & How will it be treated?
Starting a Business in Daughter's Name While Abroad: Tax Implications and Gifting Considerations Under Income Tax Act An individual inquired about starting a business in their adult daughter's name while she studies abroad and the implications for filing her income tax returns. A Chartered Accountant advised that if she is a non-resident under the Income Tax Act, her foreign income would not be taxable or required to be disclosed in India. The individual also asked about gifting or selling part of an existing business to the daughter. Another respondent suggested consulting an income tax expert for detailed guidance. The discussion concluded with an assumption that the inquirer had likely received sufficient information. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
