Q.856 Send Cash gift from India

to son in Singapore

Question: Dear Sir I am Indian citizen, my elder son is now Singapore citizen and also having Overseas Citizen of India status. I am a retired government servant. I have disposed off some of my property and invested this money in Capital gain tax free bonds, which is maturing in the year 2018. I want to gift this money about 40 Lakhi INR to my son based in Singapore. Please let me know the procedure and tax liability if any in transferring this amount to his account in Singapore. Thanking you Yours sincerely Awadhesh Kumar Singh [February 18, 2016] Answer: Kindly refer to an article titled ‘How to Send money from India to a foreign country legally’ as this should answer your question regarding sending money from India to a foreign country. Article deals with information such as: How much money can be sent abroad by Indian residents How to send money abroad Purposes for which money can be sent abroad from India The link to the article is: http://nriinformation.com/nri_guide/send_ money.htm Your investment should not attract tax liability. I believe Singapore does not have a gift tax.