A gift of Rs.6,00,000 is received by Resident Indian from NRI. There are various options available with NRI to make the payment. Either he gives gift from his Foreign Bank account or NRO A/c.
Please let me if any approvals of RBI is required to be taken.
Gift of Rs. 6,00,000 from NRI to Resident Indian: No RBI Approval Needed, Taxable If Donor Isn't Relative A Resident Indian received a gift of Rs. 6,00,000 from a Non-Resident Indian (NRI). The NRI can transfer the gift from a foreign bank account or an NRO account. No Reserve Bank of India (RBI) approval is needed, but the transfer should occur through normal banking channels. Bank charges may apply depending on the transfer method. If transferred from an NRO or NRE account, nominal RTGS/NEFT charges may apply, while foreign bank charges apply for inward remittance. The gift is taxable if the donor is not a relative. A gift deed is recommended, especially if transferred through an NRO account in Maharashtra. (AI Summary)
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