Dear Expert,
I am an NRI since 2016 and have a resident savings account in India. I have not converted it to an NRO account until now. The funds in this account were saved from my foreign income.
Now I want to regularize the situation. I see two options:
1. Convert my resident savings account to an NRO account (with proper NRI declaration), OR
2. Close the account and gift the funds (about ₹21 lakhs) to my mother by cheque (she is not a taxpayer).
Which is safer and more compliant with FEMA and Income Tax rules?
I want to avoid future issues. Please advise.
Thank you.