Can I invest on behalf of my NRI son?

livemint.com:

As a registered power of attorney holder of my NRI (non-resident Indian) son, can I invest the sale proceeds of his two properties in 54 EC bonds on behalf of him and in his name? What is the maximum limit of such investment?—Name withheld on request As a registered power of attorney holder, you are permitted to undertake sale of immovable properties on behalf of your NRI son provided the power of attorney is specific for the properties to be sold. You may take appropriate legal advice to understand the stamp duty implications for such specific power of attorney document. Section 54EC gives you the benefit of tax exemption on capital gains arising from sale of properties held for the long term.

To claim this benefit, one needs to invest the amount of capital gains in specified bonds within a period of six months from the date of transfer of such property. The maximum investment limit under section 54EC is ₹50 lakh. There is no cap on the number of properties whose capital gains can be invested in section 54EC bonds subject to overall limit of ₹50 lakh.

I am a British citizen but having OCI (Overseas Citizenship of India) card. I have NRO (non-resident ordinary) deposits in India as well as NRO savings bank account with an Indian bank. My nephew lives in India and is in need of funds at the moment. Can I transfer money to my nephew by way of gift after breaking NRO FD / from NRO savings bank account? Will it attract any tax implications for me?—Name withheld on request From the NRO account, you are allowed to make a gift to a resident relative.