Question ID :
41082
AMOUNT RECEIVED FROM SON ABROAD
Amount received by a father from his Son residing abroad. Son is a NRI and holding Indian passport. Whether such receipts more than 1 lakhs has to be reported in FCRA form FC1. Rule 6 of FCRA requires submission of FC1 in cases where gift is recieved from any relative. Or is FC1 applicable only for gift received from foreign citizen. Please clarify
Posted by
T.R.S. PATHY SENTHIL
on
Jun 24, 2021
Filed Under
Compliance
IF NRI OPEN A NRE ACCOUNT IN INDIA( BANK) HE IS FREE TO MAKE PAYENT TO ANY PERSON
Posted by
CA. AGARWAL SANJAY KUMAR on
Jun 25, 2021
Answer ID :
81174
It is gift by a son to his father. Hence there is no need of filing FC1 under FCRA 2010. The NRI must have either NRE or NRO Account in India and fund shall be routed through the proper banking channel. The amount shall be exempt from the tax under the provisions of the Income Tax Act, 1961.
Posted by
CA. JHA SHANKAR KUMAR on
Jun 27, 2021