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.
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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
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