My friend wishes to travel on excursion (tourist visa) to U.S.A. Another friend, who is inviting him, has agreed to pay for and send the air tickets from U.S.A. itself for the journey to and from U.S.A.
Will this free ticket attract any income tax and does it have to be informed in the Income Tax Return ? Or, does it have any other foreign exchange regulation implication ? Kindly advise.
CAclubindia
