I'm an Indian citizen. I want to transfer $20,000 to my son-in-law, who is a Canadian citizen living in US. My daughter is an Indian passport holder currently living in US on a H4 visa. I want to transfer the money as a gift. Can you please help me with the following questions:
Can I gift this whole amount to my Daughter/Son-in-law or what is the maximum limit of Gift amount?
What will be the tax liability on me and on my Son-in-law in case of Gift?
Whether I have to show it in my Income Tax Return?