Help to cancer patient from foreign source
This query is : Resolved
17 June 2021
My son received Rs5 lakh in ordinary resident savings bank account from foreign from well wisher for cancer treatment.
He may get such help from foreign as fund raising is essential.
I would like to know whether any compliance, reporting, permission is required from RBI/ Central Govt. to receive funds in large scale.
Should he open special account with Bank.
Any Income Tax, Gift Tax obligatio?
He may get such help from foreign as fund raising is essential.
I would like to know whether any compliance, reporting, permission is required from RBI/ Central Govt. to receive funds in large scale.
Should he open special account with Bank.
Any Income Tax, Gift Tax obligatio?
CA R SEETHARAMAN
(Expert)
17 June 2021
Request a charitable trust registered under FCRA to receive the funds and give it to you.
Directly receiving funds from foreign country by individuals is prohibited
Directly receiving funds from foreign country by individuals is prohibited
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