Move Gift from parent from NRO to NRE
This query is : Resolved
Quick Summary
19 September 2023
I want to repatriate funds which I my resident parent in India want to gift transfer to my NRO account, to save TCS of 5% (when sending directly to my UK account)
Then move from my NRO to NRE account
And Repatriate to UK
What are the tax charges to my retried parents to send to my NRO account?
Tax Charges for me to move that fund from my NRO to NRE? and how long does that take without me being in India?
And fees/tax to repatriate to UK?
Thanks for your support and response.
Then move from my NRO to NRE account
And Repatriate to UK
What are the tax charges to my retried parents to send to my NRO account?
Tax Charges for me to move that fund from my NRO to NRE? and how long does that take without me being in India?
And fees/tax to repatriate to UK?
Thanks for your support and response.
19 September 2023
No tax payable as gift to relative exempt from tax for transfer to NRO account.
NRO to NRE account transfer no tax payable. Form 15CA and 15CB has to be filed for the transfer.
TCS 5% can be got refunded to your parents by filing ITR. This is the best way of transfer.
NRO to NRE account transfer no tax payable. Form 15CA and 15CB has to be filed for the transfer.
TCS 5% can be got refunded to your parents by filing ITR. This is the best way of transfer.
19 September 2023
If my parents send to UK bank direct from their Indian account as gift, that will incure TCS according Fema and which cannot be claimed rite?
19 September 2023
If my parents send to UK bank direct from their Indian account as gift, that will incure TCS according Fema and which cannot be claimed rite?
19 September 2023
Not right, refund can be claimed of 5% TCS by filing income tax return.
19 September 2023
Sir, if my parents are retired and so will they have to still tax return filing. The amount is 1Cr which they want to gift and if they do a direct wire transfer to Uk then TCS 5% will be instant. But if they send to my NRO and then I go about the hassle of repatriation that I am not sure how long and much hassle will it be. Can you support in this process, if you do provide a service. My sister is assisting my parents in bangalore. I can ask her to contact you. Thank you once again.
19 September 2023
Give your Email I will share my number.
19 September 2023
bharat.bs84@gmail.com
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
- Purchase of property from NRI
- How to pay tds on mhada property
- Seeing a huge entry in AIS Purchase of time deposits (SFT-005), what it is for
- NRI get transferred fund from his own Indian account to his foreign US account without any approval
- CESS not claimed in GSTR3B either in inward supplies or outward supplies for the period Oct2025
- GST APPLICABILITY TO DIAGNOSTIC
- GST APPLICABILITY ON DIAGNOSTIC UNIT
- PAN from DIN
- Query Regarding Adjustment of Income Tax Refund Against Interest Liability
- Gross Block of assets
- Query related to CA/CS/CMA Firm
- ITR WITH 0 TURNOVER
- Value of Perquisite Sec.10 (10CC)
- Multiple GST under same PAN
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
