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Can Resident Indian Father transfer money to his NRI sons NRO account?

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280 Points Joined April 2018
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?🤔
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On 26 February 2024 at 04:29 Report
Replies (7)
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Chartered Accountant
86505 Points Joined April 2011
Yes he can transfer. There is no limit and no tax is there for transfer of amount by father to son.
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On 26 February 2024 at 07:21
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280 Points Joined April 2018

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. 

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On 26 February 2024 at 21:22
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Chartered Accountant
86505 Points Joined April 2011
If you want to transfer as a gift then execute a gift deed otherwise there is no need of any documentation.
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On 26 February 2024 at 21:31
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280 Points Joined April 2018
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.
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On 27 February 2024 at 06:13
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Profession Business
28196 Points Joined May 2017
Exempted as per sec 56(x) (2)
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On 03 March 2024 at 21:27
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Chartered Accountant
86505 Points Joined April 2011

Yes you can do so....

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On 04 March 2024 at 00:00
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Chartered Accountant
86505 Points Joined April 2011

Yes you can do so....

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On 04 March 2024 at 00:00

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