Requirement of Fift Deed in NRI case for funds transfer to Resident parents

This query is : Resolved

rmalhotra (Querist)
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26 January 2024 Sir,
A NRI individual wants to transfer some amount say Rs 9 lacs from his NRO a/c to his resident parents here for their maintenance and well being. Hence queries :-

1. Is there any upper limit up to which he can give funds from NRO a/c to his parents for their use ?
2. Will the receiving parent be required to show this receipt while filing their ITR ?
3. Is there any requirement to create any formal gift deed for this transaction ?
4. Will there be any requirement to create gift deed if amount for transfer to parent is even more say upto Rs20 lakhs .?
5. Will there be any requirement to create evidence of transaction which otherwise is already a bank transfer only.?

Pls guide.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 January 2024 1 No limit.
2 Not required. May be shown under exempt income schedule as gift from relative.
3 Not required.
4 Not required.
5 Bank transfer can be the sole evidence.

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rmalhotra

rmalhotra (Querist)
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27 January 2024 Thank you Sir. Good to get it . Stay Blessed always.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 January 2024 You are welcome...
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