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How much money can an Indian mother gift to her son(British national now but Indian national previously) to be take to UK and what is the process of doing it. Does it require any special permissions or declaration.Amit Shah |
18. How much foreign exchange can a resident individual send as gift / donation to a person resident outside India?Limit of USD 200,000 per financial year under the Liberalised Remittance Scheme would also include remittances towards gift and donation by a resident individual. Accordingly, under the Scheme, any resident individual, if he so desires, may remit the entire limit of USD 200,000 in one financial year as gift to a person residing outside India or as donation to a charitable/educational/ religious/cultural organization outside India. Remittances exceeding the limit will require prior permission from the Reserve Bank.
What should be the process?
As can be seen , no approval is required for gift of USD 2,00,000 in one financial year. However, as person giving gift should prepare a gift deed stating clearly
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