FEMA ACT 1991
This query is : Resolved
08 November 2023
Hi,
Can any one solve below mentioned My query
Suppose Indian resident Sister gift a watch to her brother who is non resident india and Non resident brother gift A INR rupees from NRO account to indian resident Sister
What is Implication Under FEMA Act is there any limit to rceipt INR gift Under FEMA
What is the Tax implication as per Income tax Act as well
Give refrence to check
Can any one solve below mentioned My query
Suppose Indian resident Sister gift a watch to her brother who is non resident india and Non resident brother gift A INR rupees from NRO account to indian resident Sister
What is Implication Under FEMA Act is there any limit to rceipt INR gift Under FEMA
What is the Tax implication as per Income tax Act as well
Give refrence to check
08 November 2023
As per "Liberalized Remittance Scheme (LRS)", Indian resident may withdraw Foreign Exchange Equivalent to Rs. 2.5 Lakhs for any Financial Year for permissible Current and Capital Account Transactions.
Thus In my opinion withdrawal of foreign exchange for GIFT is current account transaction and permissible as above.
Thus In my opinion withdrawal of foreign exchange for GIFT is current account transaction and permissible as above.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
