26 January 2024
Sir, A NRI individual wants to transfer some amount say Rs 9 lacs from his NRO a/c to his resident parents here for their maintenance and well being. Hence queries :-
1. Is there any upper limit up to which he can give funds from NRO a/c to his parents for their use ? 2. Will the receiving parent be required to show this receipt while filing their ITR ? 3. Is there any requirement to create any formal gift deed for this transaction ? 4. Will there be any requirement to create gift deed if amount for transfer to parent is even more say upto Rs20 lakhs .? 5. Will there be any requirement to create evidence of transaction which otherwise is already a bank transfer only.?
26 January 2024
1 No limit. 2 Not required. May be shown under exempt income schedule as gift from relative. 3 Not required. 4 Not required. 5 Bank transfer can be the sole evidence.
CAclubindia
