My Daughter is NRI, Staying in US. She has no bank account in India.
She is visiting India. Can She take from India USD while returning to US.
She has no source of Income here. It will be a gift from her Grandmother (around 7 lakhs)
How she should proced. Can she get Rupees converted to USD showing her passport to any RBI registered Exchanges?
What are the Incometax rules regarding this
She can get rupees converted to USD at RBI-authorized exchanges (like banks or authorized forex dealers) byshowing her passport and other required documents..
For tax rules in India regarding gifts:
Gifts received from relatives like a grandmother are exempt from tax in India under Section 56(2)(vii) of the INcome Tax Act.
There is no tax implication in India for this gift.
When taking USD out of India, if the amount is above USD 5,000, it needs to be declared on the currency declaration form.. For amounts above USD 10,000, there might be additional requirements.
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