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Mahesh Padmanabhan |124 Answers |Ask -Follow

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

Question by V on Apr 22, 2023Hindi

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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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I am NRI who returned to INDIA. I still got funds in USA and I want to give gift to some of my immediate relatives. My question is: How much USD can I gift to immediate relatives without having any tax payment for them in India? Thanks

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Hello Mr.Mihir...Can I as a 73Yrs.old Maternal Uncle (Mother's Brother) to my Sister's Daughter i.e; Niece, Gift any Amount exceeding Fifty Thousand out of my Personal Savings(I.T.Declared) over the Years thru Bank Transfer towards Tax Planning & purposeful utilisation of my Savings...Pl.advise & also if there is any Limit under the I.T.Tax Laws in this kind of Transaction...Thanks.

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I am NRI and if i transfer money from my NRO account to my father account ( Indian citizen - savings account ) . Looking at my residential status will there be any tax and is there any threshold of money that can be transferred tax free ( mode of transfer online India NRO ( my account ) to father ( Resident account )

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Thanks . Hope residency status does not impact this . NRI ( Son ) making GIFT ( online transfer ) to father ( resident Indian ) . This will be tax free both for father and son as it comes under relative.

Ans: Sure. It shall be tax free for both of you. Please ensure to create a document for such gift.
Most welcome for any further clarifications. Thanks.

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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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