|Question And Answer|
|Subject:||Clarification about money sending from India and filing of ITR by a Resident but living outside India.|
|Answered by:||Advocate Shashi Ashok Bekal|
|Tags:||money sending from India, Non- Resident, non-resident taxation|
|Date:||January 11, 2023|
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CA S.K. Goyal
- How much money father living in India send / gift to his daughter living in UK. What is the amount limit per Financial Year and what are the rules under Income Tax Act / RBI permission / intimation and under FERA etc
- A person is resident in India but living in London. As on date, he does not have any income in India. Whether he has to file his return in India mentioning Nil income or exempted from filing ITR as he does not have any income. Secondly, whether he has to give the details of assets in India and Outside India.
Please clarify as early as possible.
CA S.K. Goyal
1. There is no limit on sending money to a daughter living abroad under the Income-tax Act, 1961. As per the Liberalized Remittance Scheme of the RBI, $ 2,50,000/- per year can be sent without the prior approval of the RBI.
2. As per the facts mentioned, it appears that the person need not file their return of income. However, if he is earning income abroad and are a resident of India, he should file his return of Income.
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