Can I gift or donate and remit $65,000 to my married daughter who is a US resident (green card holder) and lives in the US? —Manish AhluwaliaUnder the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to $250,000 per financial year (April-March) for permissible transactions as specified under the LRS. Remittances outside India in the nature of gifts or for maintenance of close relatives abroad are permitted transactions under the LRS. Hence, you may remit up to $250,000 under LRS as gift, which is a permitted transaction under LRS, to your daughter who is living outside India. What will be the income tax implication on earnings for the complete year (from April 2017 to March 2018)?

Source: Mint December 11, 2017 11:37 UTC