Will that money be taxed? The money coming in to this account from USA is used basically to pay for my parents monthly living and maintenance expenses – like phone/electricity bills. This account is in my sole name and no joint account with parents – normal savings account – and is different from my salary account.
Gift received from relatives is not taxable.
As long as you can prove the source of income, no problem.
Simple solution is to ask your parents to open an a/c and credit money from USA to the same.
HMT