My father owns a private business in Middle East. He is NRI for over 10 years.
He wants to gift his company shares to wife, his son & his son’s wife. Note: Wife, son & son’s wife are Resident of India.
Are there any tax implications here ?
Are there any permissions required to be taken from RBI ? Any returns to be filed ? Any compliances with FEMA ?
Any inputs on the above subject would be of great help.