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Can Resident Indian Father transfer money to his NRI sons NRO account?
Can a Resident Indian Father transfer money to his NRI son's NRO account? If yes, is there a limit, and, are there any Taxation issues to be aware of?🤔
Replies (7)
Yes he can transfer. There is no limit and no tax is there for transfer of amount by father to son.
Thank you so much, Sir! Please oblige further, by outlining briefly, the procedure, documentation required on part of the resident Father and NRI Son, for effecting such a fund transfer. Thanks in advance.
If you want to transfer as a gift then execute a gift deed otherwise there is no need of any documentation.
Again,Thanks a lot Sir ! I shall simply write a cheque and deposit in my Son's NRO account, and, keep the details for my reference.
Exempted as per sec 56(x) (2)
Yes you can do so....
Yes you can do so....
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