31 August 2023
My daughter's current status is NRI and she is having an NRO account in India. Can I being his father deposit say Rs 2 lacs in her NRO account as a gift. Are there any tax implications on both of us from point of view of the status of giver being RI and beneficiary being NRI? Do I have to do any documentation for this?
31 August 2023
No tax implications for both being gift to relative exempt from tax. No need for any documents. Cash deposit should be upto 1,99,999. Bank transfer no limit.
CAclubindia
