TCS on gifting funds to NRI Son

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

1. Yes, Gift to son can be transferred to his NRO account.
2. No TCS liability.
3. 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.