I want to gift her a sum of approximately 15 crore for her future security. I am aware that if I transfer money to her foreign bank account, I would be able to transfer only $250,000 in a financial year as per LRS (Liberalised Remittance Scheme) limits and it will be subject to TCS (tax collected at source). I have been advised that I can instead gift her this entire sum in her NRO (non-resident ordinary) account in India at one go and then she will be able to remit $1 million per financial year outside India. Is this correct? Would this route attract TCS too? -Name withheld on request
Bu hikaye Mint Mumbai dergisinin February 20, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin February 20, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
India's economic performance is pretty robust on most counts
The economy's back on its high-growth path and fiscal consolidation is on track but our labour market remains a concern
We should be more receptive to paradigm-shifting ideas
Do we really have free will? Our brains are not wired to accept radical thoughts easily but we must try
We need to invest in nature for the sake of humanity's future
Money must flow into what saves rather than harms biodiversity
Is gold worth its weight amid our demat assets?
It has been a buzzy buy in recent times, with its price soaring over the past year. Investors, however, are likely to be better served by going for intangible forms of this precious metal
The country needs to map its informal economy better
We need more accurate data on enterprises that play a major role in employing people
Some states have started to slip off their fiscal correction paths
Populist outlays and capital expenditure have widened their budget deficits. They must tighten up
How a businessman in his 50s went gung-ho on MFs
From telecom retail to mutual fund: SIPs have bridged Singh's post-covid business slowdown
Principal disabled? Know your PoA rights
My father has been in coma following an accident. He had granted me a power of attorney (PoA) to manage his money, but the PoA has no specified duration. Is it legally valid for me to withdraw funds or conduct other transactions on his behalf for his medical treatment? -Name withheld on request
HOW SALMA HAYEK IS REDEFIMNG PHILANTHROPY
In the worlds of Hollywood, fashion and activism, there's never been anyone quite like Salma.
WORLD SAVINGS DAY: A REALITY CHECK ON INDIA'S DWINDLING HOUSEHOLD SAVINGS CRISIS
High inflation and easy credit lead to financial instability due to overspending and rising debt
