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Receipts from NRI

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Mohan Kale

404 Points Posted on 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?

Replies (2)

Quick Summary

This discussion clarifies the rules for Indian residents receiving funds from Non-Resident Indian (NRI) blood relatives. It confirms that gifts in cash, cheque, items, or property from an NRI relative are tax-exempt for both parties in India. The relevant law is FEMA, and Indian residents can receive up to $250,000 per financial year from NRI relatives.

CA Aakarsh Jain

10436 Points Posted on 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