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?
Gift is nonrefundable, so the amount would be transferred back to NRO account only.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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