Dependent Deduction question..
My dad is below 68 years old and has retired back in Singapore for a few years ago.
Every year around this time, I will transfer a one time sum (>380,000) to his bank account for the year to supplement his pension back in Singapore. The bank account is in his name and not a joint account.
I always use Wise to transfer and did not claim dependent allowance till now.
Up till now, I always transfer say 1M yen to SGD to my personal bank account and transfer 1/2 of the converted SGD to him using my Singapore bank account.
- Could this be claimed as dependent allowance? (My JP account -> SG account -> dad's account)
- Should I split my initial transfer to say 500K yen and 500K yen before transferring 500K yen to my dad's account since I usually keep some SGD for investments or personal use (paying bills and insurance)?
For Japan tax return side, would 1) be qualified or would they need a direct transfer to qualify, ie.
My JP account -> dad's account (using wise as a intermidiary FI)
I am about to send this remittance about soon since JPY has become stronger and coincide with Chinese New Year. Any comments are appreciated!