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Remittance to NRI son his inherited share of property

Tax queries 870 views 3 replies

Chinnappan D M

Consultant

96 Points Joined September 2008

I sold a self aquired property and I wish to share the property sale proceeds after adjusting Long term capital gain. After investing the amount in another house towards LTCG, I wish to remit the funds to my NRI son towards his share of inheritance. Can i remit his share to his country of domicile? If so are there any taxes to be paid before remitting to my son who is a non-resident. Is there any limit in such remittance. Can any one clarify this point pl.

Thanks in advance

Chinnappan D M

+9840547014

Replies (3)

CA. Anuj Gupta

Practices in NRI Int.Tax FEMA TP FD

7024 Points Joined May 2007

If the property is in your name and you have paid all due taxes then you can freely remit the money to your son without any tax consequences.

You can remit upto 2 lakh USD to your son as gift under FEMA.

Chinnappan D M

Consultant

96 Points Joined September 2008

Thank you Mr. Gupta for your clarification

The property is in my name and I am complying with all tax requirement under LTCG. Are there any other tax payable by me before remitting the Funds to my son in UK, like gift tax etc.,