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Receipts from NRI

Mohan Kale (183 Points)

28 October 2021  
1.Is there any restriction in receipt of USD/IR by Indian resident from NRI blood relative?
2.Which laws will get attracted?
3.How much amount can be received at one time?

 2 Replies

CA Aakarsh Jain (CA in Practice) (2742 Points)
Replied 28 October 2021

1.) When an NRI gives gifts in the form of cash, cheque, items, or property to a Resident Indian who is a relative, both giver and receiver are exempt from tax in India.
2.) FEMA laws are attracted in this.
3.) You can receive $250000 per financial year

Sourav (Student) (23892 Points)
Replied 03 November 2021

Yes agree with above comment

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