The conversation between human and AI assistant.
What are the taxes I have to pay in India if I transfer money to a NRE account (my account) and to a normal saving account (my family member's account)?
I see. Is there a limit on how much money I can transfer without incurring taxes?
Yes, there is a limit. You can transfer up to $1 million USD per financial year without any taxes. Anything above that amount will be subject to a tax of 5%.