19 September 2023
I want to repatriate funds which I my resident parent in India want to gift transfer to my NRO account, to save TCS of 5% (when sending directly to my UK account)
Then move from my NRO to NRE account
And Repatriate to UK
What are the tax charges to my retried parents to send to my NRO account? Tax Charges for me to move that fund from my NRO to NRE? and how long does that take without me being in India? And fees/tax to repatriate to UK?
19 September 2023
No tax payable as gift to relative exempt from tax for transfer to NRO account. NRO to NRE account transfer no tax payable. Form 15CA and 15CB has to be filed for the transfer. TCS 5% can be got refunded to your parents by filing ITR. This is the best way of transfer.
19 September 2023
If my parents send to UK bank direct from their Indian account as gift, that will incure TCS according Fema and which cannot be claimed rite?
19 September 2023
If my parents send to UK bank direct from their Indian account as gift, that will incure TCS according Fema and which cannot be claimed rite?
19 September 2023
Sir, if my parents are retired and so will they have to still tax return filing. The amount is 1Cr which they want to gift and if they do a direct wire transfer to Uk then TCS 5% will be instant. But if they send to my NRO and then I go about the hassle of repatriation that I am not sure how long and much hassle will it be. Can you support in this process, if you do provide a service. My sister is assisting my parents in bangalore. I can ask her to contact you. Thank you once again.
CAclubindia
