If residents of India remit a amount as gift to person in USA thru his capital account in a partnership firm in USA by way of drawings.
Will such a remitance be allowed under FEMA Act. ???If yes, also plz specify the ceiling for the same.
Dhiren Chheda (Service) (62 Points)
01 December 2010If residents of India remit a amount as gift to person in USA thru his capital account in a partnership firm in USA by way of drawings.
Will such a remitance be allowed under FEMA Act. ???If yes, also plz specify the ceiling for the same.
VINAY KHETAN
(self employed )
(27 Points)
Replied 01 December 2010
yes its allowed ...... the ceiling is 25000
Aman Jain
(Company Secretary in Practice)
(165 Points)
Replied 01 December 2010
Yes,
I think Mr. Khetan is right. According to Current Account regulation of FEMA that an individual can gift upto 5000 US$.
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