Query related to nri

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Urgent Query

 

My Client (indian Citizen) wants to receive a sum of Rs 10 lacs from his brother who is NRI- stays in USA. 

I want to know what are the tax implication on my client who is Indian resident and how the said amount will be reflected in his Annual Income Tax Return.

Also is there any FEMA guidelines applicable for such kind of transactions??

Please help...

Replies (2)

is nri income (business income) subject to presumptive taxation ?

Idian Citizen can either recieve LOAn subject to FEMA regulations or receive Gift(no regulation)

 

 

Anuj

femaquery @ gmail.com

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