REMITTANCE FROM FOREIGN COUNTRY
This query is : Resolved
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Suresh S. Tejwani
(Querist)
03 January 2021
WHAT IS THE SECTION OF REMITTANCE FROM FOREIGN COUNTRY ?
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.
Suresh S. Tejwani
(Querist)
04 January 2021
PLEASE CLARIFY SECTION UNDER INCOME TAX ACT IF IT ALSO EXEMPTED AS PER IT ACT
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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