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REMITTANCE FROM FOREIGN COUNTRY

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(Querist)
03 January 2021 WHAT IS THE SECTION OF REMITTANCE FROM FOREIGN COUNTRY ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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Suresh S. Tejwani

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

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CA R SEETHARAMAN (Expert)
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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