12 January 2024
Sir, There is lot of opinions that how a resident individual can send money abroad to his " Specified Relative '.
A ) It could be a direct transfer thru bank to bank a/c abroad of a NRI Specified Relative under LRS OR B) Resident individual can also gift money to a close relative NRI vide a cheque or net banking to his NRO account in India, subject to overall limit of USD 250,000 in a financial year. The NRI can take out the money already lying in his NRO account subject to a limitation of USD 1 million per financial year.
Hence following queries:- 1 Which of the above alternates is correct. 2. Is there any prescribed limit beyond which alternate ' B ' is required to be adopted 3 Is there any difference if amount is transferred as ' Maintenance ' or ' Gift '.
CAclubindia
