A mother wish to remit a sum of Rs 50 lakhs to her NRI Son to help him buying home in place of his country of residence.
Queries
1. Can she do this transaction by remittance into his sons NRE/NRO Account?
2. If yes, is Tcs applicable on such remittance and at what are?
3. How do the said TCS be claimed by the NRI Son?
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TCS on gifting funds to NRI Son
Replies (9)
It's not tcs.
It's tds
It's tds
Sir,
You have not replied to the questions posted by Mr. Gala on 13th Feb 2024.
As I have similar questions to clarify.
I will appreciate if you could clarify on the three questions posted by Mr. Gala?
Thanks and Regards
Suresh
- Yes, Gift to son can be transferred to his NRO account.
- No TCS liability.
- N.A.
Thanks for the quick response!
Further to the first question,
Can my son transfer money deposited in his NRO account to his bank account in the US?
If yes, will it attract any tax? And what is that tax? What is the %?
Please clarify.
Thanks and Regards
Suresh
He will have to file relevant ITR and get CA certificate (form 15CA/CB) for remitting the funds under LRS for non taxability.
Thanks for the quick response!
I sincierly appreciate!
Warm regards
Suresh
My pleasure...
Good Luck.
Thank you Dhirajbhai Rambhia for your prompt reply, otherwise it remaind unattended since 13 Feb 2024.
Thanks anyways.
Really happy to learn that the query got resolved.
Good Luck.
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