Gift/loan from abroad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2011 I need to seek financial assitance for my medical expenses (cancer) from a close friend of mine living abroad. Is this permissible under law? What was the tax implcations for me in India, if say the amount is USD 50,000?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 July 2011 If the expenditure is incurred bu some one outside India for your treatment then you need not show this as gift and you need not show this in your books. Simply you just take a letter from the concerned person that out of humanitarian ground that person is getting your operation done.

If operation in India then also ask that person to pay directly to the hospital again on humanitarian ground

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2011 Thanks for your prompt response Mr. Agarwal. Sir, but what I also need to know is that, since it is going to be a prolonged treatment (possibly over 1 or 2 years), he is going to transfer funds to my INR account over a period of time. Are there any restrictions of this kind of inflow into my account? What implications of my income tax?

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