Gift By Resident individual to NRI specified relative.
This query is : Resolved
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 '.
Pls guide.
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 '.
Pls guide.
13 January 2024
1 Both are right.
2 No.
3 No difference.
2 No.
3 No difference.
Message likes :
1 times
13 January 2024
You are welcome...
....
....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
