Nri property' gift and tax

Q: I wish to gift money realised from sale of mumbai flat to my nri son who will buy house in usa. This amount will be remitted by dollars thro libralised remittance scheme thro icici nro a/c. Pl. Advice on this action which we contemplate

k p vaishnav,

2nd March 2013

Investment Advice in Mumbai

property consultant

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Replies (3)

Thanx and grateful

k p vaishnav,

5th March 2013

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Also, furthermore. remittance under this scheme is on a gross basis and not net basis and it is mandatory to have PAN number of the one to make remittances under the Scheme. As far as I know, there is no restriction on the frequency of remittances, only the cumulative limit should be USD 200,000.

Dwarkesh,

5th March 2013

Comment

Hi Mr Vaishnav, under the Liberalised Remittance Scheme, all resident individuals can freely remit up to 200,000 dollars per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

Kunal,

5th March 2013

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