REMITTANCE FROM FOREIGN COUNTRY

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Receiving money from family abroad as a gift or for support in India is generally tax-free under India's Foreign Exchange Management Act (FEMA). Furthermore, the Income Tax Act, specifically Section 56(2), exempts gifts received from specified relatives from taxation.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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03 January 2021 WHAT IS THE SECTION OF REMITTANCE FROM FOREIGN COUNTRY ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 January 2021 India’s Foreign Exchange Management Act (FEMA), says that if you are receiving money from a family member abroad as a gift or for family support, then the money received in India is tax free.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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04 January 2021 PLEASE CLARIFY SECTION UNDER INCOME TAX ACT IF IT ALSO EXEMPTED AS PER IT ACT

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 January 2021 Gift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act.

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