A father gifts 1 crore to his NRI sone abroad. Can the sone then transfer that money (which belongs to him now and is in his foreign bank account in foreign currency) back to India in his NRE account? Are there any compliance requirements for this? Would the interest on that money in NRE account (FD) be tax free?
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Can money transferred abroad to NRI son as gift be transferred back by the son to NRE account?
Replies (1)
Gift is nonrefundable, so the amount would be transferred back to NRO account only.
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