Disclosures. 1  Accounts that show no balance will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required. 2  Indian resident is an individual who resides in India for more than 182 days per year.
gift. 1. something given voluntarily without payment in return, as to honor a person or an occasion or to provide assistance; present. 2. the act of giving. 3. something bestowed or acquired without being sought or earned by the receiver. 4. a special ability or capacity; natural endowment; talent: a gift for music.
For tax purposes, a gift is a transfer of property for less than its full value. In other words, if you aren't paid back, at least not fully, it's a gift. In 2015, you can give a lifetime total of $5.43 million in taxable gifts (that exceed the annual tax-free limit) without triggering the gift tax. Beyond the $5.43 million level, you would actually have to pay the gift tax.