My son ( NRI) is working in USA and taxed as per US laws. He needs money to purchase certain assets in USA for his needs.
Can I as a father Gift him and remit USD 25,000 from my resident account in India as a normal foreign currency remittance. Will there be any tax implications for me or for him as per law. Also what is the limit that I can remit money as a Gift to him
15 August 2023
No tax liability over you under IT act, but check any gift tax liability over SON under IRS. Bank will deduct TCS over the foreign remittance under LRS scheme.
CAclubindia
