Join us for the ODFC FEMA Webinar on RBI Regulations for Personal Gifts & Donations, a vital session decoding cross-border gifting rules under FEMA. The annual LRS cap of $250,000 (approx. ₹2.2 crore) covers all remittances, with no TCS up to ₹7 lakh (recently rationalized; confirm latest via ODFC Helpdesk). TCS applies at 20% above ₹10 lakh for gifts & donations (claimable as advance tax in your ITR).
Gifts can be made to any resident outside India, while donations are permitted only to registered organizations abroad (excluding prohibited categories like political entities or unregistered NGOs). Rupee gifts to NRI/OCI relatives (as defined under the Companies Act, 2013) via crossed cheque or electronic transfer to their NRO account are exempt from LRS limits but must be tracked via the ODFC Helpdesk to monitor overall remittances. Cash gifts abroad are restricted under FEMA Section 3(a), and overseas investments cannot be gifted except for specific assets like bank funds or immovable property.
NRIs can transfer unlimited amounts to India, provided the money is earned legitimately and taxed in the source country. Transfers to blood relatives in India are not taxable, including gifts or inheritance. Transfers to non-relatives over ₹50,000 in a year are taxable for the recipient. Residents can receive cash gifts from NRIs, but retention of foreign currency notes, banknotes, or traveller's cheques is capped at $2,000 (or equivalent) in aggregate. Any excess must be surrendered to an AD bank within 180 days, per FEMA Section 9 and related notifications. ODFC streamlines this with AD bank handovers and digital receipts.
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