Fema & Income tax act as regards transfer of money to relatives
This query is : Resolved
P.Madhivadhanan
(Querist)
10 February 2023
A NRI who got gift from his mother (who is a green holder in USA) . He wants to transfer either as a gift or loan to his father in law & Mother in law . Both Father in law and mother in law are citizen of india. Is it permissible and if it is permissible how much transferable as gift or how much transferable as a loan under income tax act and fema act. What procedure to be followed
CA R SEETHARAMAN
(Expert)
11 February 2023
It's permissible and no limit being relative.
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