You can get the funds repatriated to your account held in your foreign country bank.

Your parents can execute a gift deed on a plain paper mentioning the amount therein on a plain paper also, if necessary it can be notarised. 

An NRI is allowed to receipt money as gift from a resident Indian under the Liberalized Remittance Scheme (“LRS”), within the limit of USD 250,000 in a financial year as prescribed therein.

The donor and the recipient need not be close relatives.

It is allowed under the FEMA provisions, however, the gift will be taxable in the hands of the NRI recipient (if exceeding INR 50,000) under the Income Tax Act.

A resident individual can also gift money to a close relative NRI vide a cheque or net banking to his NRO account in India, subject to overall limit of USD 250,000 in a financial year.

The NRI can take out the money already lying in his NRO account subject to a limitation of USD 1 million per financial year.

Definition of Relative in FEMA to mean the definition as per the Companies Act, 2013 which include- spouse, father, mother, son, son’s wife, daughter, daughter’s husband, brother and sister of the individual.

Any immovable property can be sold, purchased, gifted or accepted as gift   by person residing abroad through Special Power Attorney. The procedure is, draft a special power of attorney on Indian stamp paper of 100 rupees which  is available in all countries  or even on white paper giving SPA to any of you relatives/friend to sell/ purchase/gift/accept gift of  the property.  Go to Indian consulate/high commissioner and get SPA attested which  the consulate official will readily do. Due to pandemic walk-ins are to Consulate are suspended, you can get the SPA attested online. Send the SPA to the person named, he will take the SPA to the District Registrar who will validate it by putting his seal and signature. Fee for validation of SPA is 1 % if it is given to blood relation if given to other person it is 2% of government valuation of the property. With the validated SPA property can be sold/purchased/gifted/accepted as gift by person named. Is the property is gifted no tax liability is involved. You need not pay any tax including capital gain tax.

Instead of a plain paper i would suggest that your parents make an affidavit on Rs. 200 stamp paper, which can then be notorised

that will serve the purpose 

only parents need to sign 

its THEIR affidavit

not yours

Parents can execute gift deed in your favour on stamp paper 

it can be notarised 

Not necessary to register gift deed of gift of money 

They can execute affidavit on Rs 100 stamp paper that they have gifted you x amount of money 

affidavit should be notarised 

- As per the Registration act, only the gifts of immovable property must be registered , and gift of money is not required to be registered.

- Further, for moveable property such as a car, cash etc. a registration is not mandatory.

- It can be execute on a plain paper or stamp paper , but being a gift deed it require the signature of both the parties 

A registered gift deed should be executed.

You should pay adequate stamp duty and register the gift deed before a registrar.

A gift deed can be executed by them. You don't have to come back to India.

 Let your parents execute a registered Gift Deed in the jurisdictional Sub Registrar's Office. As Donors, your parents execute the document and you can execute a POA in favour of one of your parents or your siblings in India, who will receive the gift on your behalf. Since it's a cash gift, let bank transfer details be mentioned in the Gift Deed.

Sir 

Contact me and I will guide you completely how to do it. But it cannot be explained here. I will tell easy and fast process and will help you make documents. Good luck 

Regards 

gmguptaandassociates

1. For gifting moveable properties like money, no gift deed is required to be registered which is required for immoveable properties.

2. You shall have to collect an affidavit executed  by your father/parents affirming that he/they have gifted the said amount to you.

3. This affidavit will be required by you to show before the I.Tax  Authority to prove that the said amount is a gifted amount which is not taxable and has not been earned by you.

1. Your parents shall have to execute the affidavit as suggested in my earlier post.

2. The said affidavit is required to be notarised also.

1. It will not be a deed where you shall have to sign.

2. It will be an affidavit only which shall have to be signed and notarised by your parents where your signature will not be required.

The gift deed can be executed on a plain paper with signatures of both the donor and the donee and if you need more authentication to this, then you can get it notarised.

There may not be a necessary for executing the gift deed on non judicial stamp paper.

This is a gift of movable property i.e., money, for that even a letter  given by the donor stating this money had been given to the donee as gift from the side of donor is also valid for the purposes of income tax.

If you are not available in India, then the mere letter stating that your parents have gifted you the said money out of their own savings or income from their own sources would be sufficient for the tax purposes whether you are a resident or a NRI. 

An NRI is allowed to receipt money as gift from a resident Indian under the Liberalized Remittance Scheme (“LRS”), within the limit of USD 250,000 in a financial year as prescribed therein.

Dear Sir,

1. The gift deed must be executed on a ₹100 stamp paper. 

2. Execute a Power of Attorney in your favour and get authenticated/counter signed by an official of the Indian Embassy and send it to you. 2. After receiving the same by you, get the same adjudicated in the jurisdictional District Registrar's Office in India. 

3. It is enough if donors sign the affidavit

Thank you