Yes, resident has to obtain prior approval from the Reserve Bank subject to the following conditions:
(i) Gift <= 5% of paid-up capital/Debentures/Mutual Funds of Indian company
(ii) The donor and the donee shall be "relatives" within the meaning in Clause (77) of Section 2 of the Companies Act, 2013;
(iii) Value of all gifts of donor to be less than USD 50,000
(iv) Other conditions, as mentioned in Non-Debt Instruments Rules, 2019 Chapter III; Rule 9 Sub-rule (4)