I am a US citizen living in the US for 20 years and an Indian OCI card holder. I am quite a newbie in regard to Indian banking, tax and money transfer rules.
I need advice from the experts. My father, who is a retired Indian citizen, would like to gift USD $10k to me.
I have read many posts which mention that he can gift me the money and there should be no tax considerations for him or me.
However, please advise the steps.
Can he do a international wire transfer through Punjab National Bank?
Does he need to fill both forms 15 CA and 15 CB? Does the bank help facilitate the process of filling in the forms or do I need to find a chartered accountant to work with?
At what point does he specify it is a gift? Does he mention it to the bank during the wire transfer or in the 15 CA / 15 CB form?
Is there a USD limit annually to how much he can transfer to me?
Thanks in advance for your help.