receiving money from outside india
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2011
Whether a resident indian can receive $300000 from his non resident friend by way of gift through his saving bank account?I want to know,if there is any restriction or limitation in the light of FEMA provisions.Pls reply.
RAMESH KUMAR VERMA
(Expert)
04 April 2011
REMITTANCE FACILITIES FOR NON RESIDENTS INDIAN / INDIAN ORIGINS ,
PRE- PERMISSION OF RBI IS MANDATORY IN YOUR CASE.
FOR MORE INFO:-
RBI MASTER CIRCULAR NO. 4/2007-08 DTD.21.02.2008.
PRE- PERMISSION OF RBI IS MANDATORY IN YOUR CASE.
FOR MORE INFO:-
RBI MASTER CIRCULAR NO. 4/2007-08 DTD.21.02.2008.
Message likes :
1 times
RAMESH KUMAR VERMA
(Expert)
04 April 2011
ANOTHER LINK IS :-
https://rbidocs.rbi.org.in/rdocs/notification/pdfs/78362.pdf
https://rbidocs.rbi.org.in/rdocs/notification/pdfs/78362.pdf
Message likes :
1 times
CA. Anuj Gupta
(Expert)
16 May 2011
Yes the Indian can receive the above mentioned amount in Dollars, and there are no restrictions by RBI for the same.
But there shall be incomer tax implications under sec. 56.
Anuj
0-9810106211
But there shall be incomer tax implications under sec. 56.
Anuj
0-9810106211
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Appointment of Auditor By Form ADT-1
- RCM and same line
- ARCA LOGIN
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Closer of business and itc of capital goods
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
