International Money transfer for Gift Purpose
Foreign Exchange
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International Money transfer for Gift Purpose
Make international fund transfers to your friends residing in foreign countries as a gift. A gift remittance is where a citizen of India is permitted to send gift to a person residing outside India. A resident individual, however, cannot gift to another resident in foreign currency for the credit to the latter’s foreign currency account held in the abroad country under LRS (Liberalized Remittance Scheme).
Who can avail benefits under this scheme?
The gift transfer can be made under the LRS by a resident person only. A HUF, partnership firm, company, trust, any association of persons, body of individuals or an artificial juridical person cannot avail benefits of remittance under this scheme.“Gift”, being of a personal nature, should be made in favour of an individual and not to a corporate or to himself/herself.
Required KYC documents for remitting funds under gift purpose
- Any of the ‘Officially Valid Document’ (OVD) with the address of resident Indian
- PAN Card Copy
- Form A2.
- Other KYC documents are required by the service provider.
Limit on Gift Remittance
Under the LRS, resident individuals are allowed to remit a maximum of $250,000 abroad in a financial year under ‘Gift Remittance’ category.
Tax on Gift Remittance
With effect from 01.10. 2020, any amount or total of the amounts being remitted outside India by a person resident in India under ‘Gift Remittance’ in excess of Rs.7 Lakh in a financial year will attract TCS (Tax Collected at Source) @5%.
Key highlights of gift remittances with Unimoni
- Quick transfer at unbeatable rates
- Most trusted and secured manner
- Direct credit to overseas account
- Easy processing with simple documentation
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International Money transfer for Gift Purpose
Make international fund transfers to your friends residing in foreign countries as a gift. A gift remittance is where a citizen of India is permitted to send gift to a person residing outside India. A resident individual, however, cannot gift to another resident in foreign currency for the credit to the latter’s foreign currency account held in the abroad country under LRS (Liberalized Remittance Scheme).
Who can avail benefits under this scheme?
The gift transfer can be made under the LRS by a resident person only. A HUF, partnership firm, company, trust, any association of persons, body of individuals or an artificial juridical person cannot avail benefits of remittance under this scheme.“Gift”, being of a personal nature, should be made in favour of an individual and not to a corporate or to himself/herself.
Required KYC documents for remitting funds under gift purpose
- Any of the ‘Officially Valid Document’ (OVD) with the address of resident Indian
- PAN Card Copy
- Form A2.
- Other KYC documents are required by the service provider.
Limit on Gift Remittance
Under the LRS, resident individuals are allowed to remit a maximum of $250,000 abroad in a financial year under ‘Gift Remittance’ category.
Tax on Gift Remittance
With effect from 01.10. 2020, any amount or total of the amounts being remitted outside India by a person resident in India under ‘Gift Remittance’ in excess of Rs.7 Lakh in a financial year will attract TCS (Tax Collected at Source) @5%.
Key highlights of gift remittances with Unimoni
- Quick transfer at unbeatable rates
- Most trusted and secured manner
- Direct credit to overseas account
- Easy processing with simple documentation
