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International Money transfer for Gift Purpose
Make international Money 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
Global Support in a Range of Languages
Unimoni Customer Helpline and Call Service
Call 1800 102 0555, Toll Free number to access free detailed yet simply explained information about our products and services.
We have a presence throughout India and are always available to assist you.
Outward remittance from India to other countries
FAQs
International money transfer for gift purposes involves sending money to an individual or entity in another country as a gift. The RBI guidelines emphasize that the purpose of the gift must be genuine and bona fide. Gifts intended for commercial or business purposes are not permitted under these guidelines.
According to the RBI guidelines, gift purposes for international money transfers can be broadly categorized into the following:
- Personal gifts:These include gifts given to family members, friends, or acquaintances for unique occasions such as birthdays, anniversaries, weddings, or festivals.
- Charitable donations:These include gifts given to non-profit organizations or charitable causes for charitable purposes.
- Maintenance of close relatives abroad These includes gifts from relatives abroad for their care and upkeep.
There are several ways to send money internationally for gift purposes, including:
- Bank transfers: This method involves transferring funds from one bank account to another in a different country. However, bank transfers can be slower and more expensive.
- Money transfer services:Money changers like Unimoni offer faster and more convenient international transfers than banks.
- Online payment platforms:Online payment platforms like Remitforex allow you to send money internationally through their websites or Unimoniindia mobile apps. They often have competitive exchange rates and fast transfer times.
When choosing a method for international money transfer for gift purposes, consider the following factors:
- Transfer fees: Compare the fees charged by different providers to find the most cost-effective option.
- Exchange rates:If you send money from one currency to another, consider the exchange rate offered by different providers.
- Transfer speed:If you need the money to arrive quickly, choose a method with fast transfer times.
- Security: Ensure your chosen provider has robust security measures to protect your funds. Unimoni provides you with shatterproof protection.
The information needed may differ depending on the provider, but it usually consists of specific details:
- Personal Details: Your name, address, and contact details
- Recipient's information: Recipient's name, address, and contact details
- Transfer amount: The amount of money you want to send.
- State the relationship with the beneficiary: You must mention the relationship with the beneficiary when you send money abroad as a gift per anti-money laundering (AML) regulations.
Tax implications for international money transfers for gift purposes depend on the amount of money sent, the countries involved, and individual tax laws. It is advisable to consult with a tax advisor to understand any potential tax implications. You can reach us at https://unimoni.in/contact.php
Know the rules:
- Foreign Exchange Management Act (FEMA) regulations:If the transfer exceeds the annual limit of USD 5,000 per individual per year for gifts, donations, and maintenance of close relatives residing abroad, the sender may require permission from the RBI under FEMA regulations.
- Foreign Contribution Regulation Act (FCRA): If the recipient is an Indian entity receiving a foreign contribution exceeding Rs. 10 lakh annually, registration under FCRA may be required.
