Implications of Daughter to Mother Inward Foreign Remittance
Hi all
I have an urgent query related Inward Foreign Remittance
We want to know law and tax implication both for Inward Foreign Remittance. Vitals of transactions are:
1. Money is sent from Daughter to Mother.
2. Daughter is a US citizen with OCI. She herself still has valid Pan Card and bank account in India.
3. Mother is Indian Citizen who also files a tax return every year
4. The amount of the transaction will be approx 10-15 lakh and will be transferred through online channels
5. The mother will buy Movable Asset like Jewellery from this money
We would like to know:
Is there any declaration required by the bank / government before transferring money?
Is there any limit on withdrawals or rules for receiver bank account
Is there any Tax implication on the person receiving the money?
Is there need of Gift Deed in this case?
Reply on any these questions will be lot of help. Thanks in Advance.
CAclubindia
