16 November 2022
An assessee an indian resident wants to gift to his NRI son Rupees ten lakhs as gift. The assessee earned income out os his salary and retirement benefits from govt. Is it allowable under FEMA. Is it exempt under income tax act. What formalities to be followed
16 November 2022
A Non-Resident Indian can receive money as gift from a resident Indian under the Liberalized Remittance Scheme within the limit of US Dollars 250000 in a financial year as provided therein. As per Income tax act, it will be non taxable, due to gift received from 'relative' as per the act.
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