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GIFT TO NRI SON

This query is : Resolved 
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(Querist)
15 August 2023 Dear Sir

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

Thanks
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 September 2024 Good Luck.
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