Query about forex transactions

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Ritik Jain (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 September 2021 It will be considered as gift from relative exempt from tax.

Ritik Jain

Ritik Jain (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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