Gift from relative.
This query is : Resolved
Pawan Mittal
(Querist)
27 February 2009
1. Can a person get a gift from his relative in foreign currency ?
2. Is it taxfree ?
3. Is he required to report to RBI in any provision under FEMA ?
2. Is it taxfree ?
3. Is he required to report to RBI in any provision under FEMA ?
CA. B.SRINIVASULU
(Expert)
27 February 2009
1) Gift received from the relative is exempt eventhough he receives in foreign currency.
2) The firc which he receives from the banker should mention that the sender is giving this towards gift and if it is a small amount he need not report to rbi, he can file the same to it dept. when it is called for.
3) If the amounts are very huge then you have to inform RBI with a photocoy of firc.
2) The firc which he receives from the banker should mention that the sender is giving this towards gift and if it is a small amount he need not report to rbi, he can file the same to it dept. when it is called for.
3) If the amounts are very huge then you have to inform RBI with a photocoy of firc.
Pawan Mittal
(Querist)
28 February 2009
Under which section he is required to report to RBI if it in huge amount.
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