Sir, My client is willing to give gift to her daughter resident NR. What will to tax implication in Indian ? What is the limit of remittance of Gift in US $ ? Kindly guide for above. Thank you
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Quick Summary
This discussion addresses the tax implications of a father gifting assets to his daughter who is a non-resident in India. While the gift itself is generally not taxable under Indian income tax laws, the key concern revolves around FEMA (Foreign Exchange Management Act) compliance. The advice highlights the need to be mindful of FEMA regulations when transferring funds or assets across borders.