Gift (cash) received from foreign closed relatives
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 October 2012
My query is some one can receive foreign gift (in USD)from his closed relatives who lived in USA.Is there any limit? or any permission required from RBI to received the amount? and have to pay any tax on it?
18 October 2012
there is no such restriction under FEMA rules ..and as per IT ACT gifts received from relatives is exempted from tax u/s 56(2)
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