One of our friend wants to receive a certain sum of money from his brother in Israel to India - as a gift. As we believe, since he is receiving from relative, it is not taxable under Income Tax Act. Our query is:
1. Is there any prohibition or prescribed limit on the amounts to be received in India from Israel (as a gift)
2. Are there any other regulations to be taken care of for this transfer.
Thanks in advance.
N J Suresh & Associates
Bengaluru
CA Inter
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Prish Consultancy LLP
New Delhi
B.Com
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PARV & Co.
New Delhi
CA Inter
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Austin Med Solutions Pvt Ltd
Bengaluru
CA
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CCI
Pro
CAclubindia
