Transfer in NRE Account

This query is : Resolved

Sanjay Budhiraja (Querist)
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11 October 2023 Hello Sir
Pl let me know the maximum limit of gift to my NRI brother in his NRE Account in USA..
REGARDS
Sanjay

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 October 2023 Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year

Sanjay Budhiraja

Sanjay Budhiraja (Querist)
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12 October 2023 Sir. Any tcs or tds implications.. I want to gift 8 lac to my brother for mother treatment.. pl advise.
Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 October 2023 Transfer it as mother's medical treatment TCS will not be applicable.

Starting Oct 1st 2023, there will be 20% TCS on foreign remittances (other than for education and medical purposes) over a threshold of INR 7 lakhs. Foreign remittances of less than Rs 7 lakh in a financial year are not subject to any Tax Collected at Source (TCS).