GIFT TO NRI SON FROM USA BANK ACCOUNT

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An Indian resident with a US bank account wishes to gift funds to their NRI son in the UAE. The discussion clarifies that gifting directly from a US bank account to a UAE account generally does not require filing Indian tax forms like 15CA/CB, as the remittance does not originate from India and is not taxable in India. However, it's noted that an Indian bank might request these forms, though it's not mandatory in this specific scenario.

rajesh behl

rajesh behl (Querist)
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05 June 2024 I am a resident Indian having business income in India. I have a Saving bank account in USA, having a balance of approx. USD 45000. This is information is properly disclosed in my ITR.

My son resides in UAE as an NRI.

My question is whether I can send him gift directly to his Dubai account from US bank ? Do I need to file form 15 CA , 15CB ??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 June 2024 Yes,
Not mandatory, unless demanded by any Indian Bank.

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CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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05 June 2024 15CA CB is only required when funds are remitted from India to Foreign Country which is chargeable to tax , in this it wont be applicable

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rajesh behl

rajesh behl (Querist)
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05 June 2024 Thank you so much... sir.!!

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 June 2024 You are welcome.

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