If X of Australia transfer to ,a Y of India ( where Y is brother of X's spouse) an amount of 25lakhs for further payment to other person.
NOT A GIFT for Y.
what are the implications?
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Foreign transfer
Replies (3)
It is a foreign transfer and should be registered by RBI and the transaction should be done through authorised person otherwise penalty will be imposed under FEMA Act. But if it is gift then you can transfer upto 100000 rupees but as it is no gift it should be done through authorised person
Okay will that amount will be taxable ?? in any way .
even though it is not a gift?
even though it is not a gift?
Yes it is taxable
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