Query about forex transactions
This query is : Resolved
17 September 2021
Resident individual takes a Forex card from niyo for foreign travel. And he given his forex card to brothers wife. And she goes to America. And use the forex card in America. She has received funds from his relative who is living in India. Same amount cash withdrawal from ATM In America rs. Approx. 6.60 lakh. What is consequences of these transactions under income tax. And what is the treatment in accounts please guide.
18 September 2021
It will be considered as gift from relative exempt from tax.
18 September 2021
But sir brother wife withdrawing in America from forex card of his Spouse big brother. Who is in India. And she use the card in America. All the transactions recorded in the name of spouse big brother. But actually forex used by his brothers wife. can a income tax department issue a notice in this regards. Why forex card used in foreign. Because department is not aware about that forex card is used by his brothers wife.
18 September 2021
No notice will be issued for this small amount. Even notice is received it can be replied no problem.
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