MONEY RECEIVED FROM NRI SON

[Pathy Senthil]

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

AI Summary

Do monetary gifts from NRIs with Indian passports need FCRA reporting? Legal provisions questioned. A father received a monetary gift exceeding 1 lakh from his son, an NRI holding an Indian passport. The query concerns whether such a transaction requires reporting under the Foreign Contribution Regulation Act (FCRA) using Form FC1. One response suggests that any gift over 1 lakh must be reported, while another argues that amounts from NRIs with Indian passports do not fall under FCRA's purview, thus not requiring reporting. A follow-up request seeks clarification on the legal provision supporting the latter position.