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Samkit Maniar  |157 Answers  |Ask -

Tax Expert - Answered on Feb 03, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more
Asked by Anonymous - Feb 01, 2024Hindi
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tax implications of money sent to close relative abroad from india

Ans: There is a restriction to the extent of USD 2,50,000 per financial year by a resident Indian transferring money abroad. Further depending upon the purpose of utilisation (ie health or education or maintenance), the tax will be collected at source. Please note that this tax is refundable at the time of filing your returns in India but it is an upfront cash outflow.
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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