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Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on May 26, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
V Question by V on Apr 22, 2023Translate
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Please let me how much USD can a person transfer to his/her near relatives like father, mother, sister brother savings account in India in a year without any tax implications from either country.

Ans: Hi
The limit for remittance of funds out of India and its tax implication are independent of each other and should not be mixed. Likewise for a Indian resident, the limit for remittance under the Liberalised Remittance Scheme (LRS) is USD 250,000 however before remittance all applicable taxes have to be paid
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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