09 August 2011
Whether a Father being A retired Bank employee in India can remit Indian amount in terms of US Doller out of his Savings to his elder Son living outside the India as Gift or not.If yes then whether any Tax impact from the Taxation point of view in either hands.
10 August 2011
There shall be no tax effect for the same however as per FEMA the same is permitted under Liberised Remittance Scheme upto 2 lakh dollars per year.
CAclubindia
