Gift By Resident individual to NRI specified relative.
This query is : Resolved
12 January 2024
Sir,
There is lot of opinions that how a resident individual can send money abroad to his " Specified Relative '.
A ) It could be a direct transfer thru bank to bank a/c abroad of a NRI Specified Relative under LRS
OR
B) Resident individual can also gift money to a close relative NRI vide a cheque or net banking to his NRO account in India, subject to overall limit of USD 250,000 in a financial year. The NRI can take out the money already lying in his NRO account subject to a limitation of USD 1 million per financial year.
Hence following queries:-
1 Which of the above alternates is correct.
2. Is there any prescribed limit beyond which alternate ' B ' is required to be adopted
3 Is there any difference if amount is transferred as ' Maintenance ' or ' Gift '.
Pls guide.
There is lot of opinions that how a resident individual can send money abroad to his " Specified Relative '.
A ) It could be a direct transfer thru bank to bank a/c abroad of a NRI Specified Relative under LRS
OR
B) Resident individual can also gift money to a close relative NRI vide a cheque or net banking to his NRO account in India, subject to overall limit of USD 250,000 in a financial year. The NRI can take out the money already lying in his NRO account subject to a limitation of USD 1 million per financial year.
Hence following queries:-
1 Which of the above alternates is correct.
2. Is there any prescribed limit beyond which alternate ' B ' is required to be adopted
3 Is there any difference if amount is transferred as ' Maintenance ' or ' Gift '.
Pls guide.
13 January 2024
1 Both are right.
2 No.
3 No difference.
2 No.
3 No difference.
Message likes :
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13 January 2024
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