11 October 2017
I am an NRI. My mother is a RESIDENT and has sold her self owned property. Out of the sale proceeds she intends to gift me some money. Further, my mother intends to send this GIFTED MONEY to my OVERSEAS ACCOUNT directly using the Liberalised Remittance Scheme.
While I understand that this transaction is a CURRENT ACCOUNT Transaction under FEMA and is allowed.
I would like to know if there is any TAX LIABILITY on me or my mother in case of this Remittance from her Indian account to my Foreign Account.
CAclubindia
