Income tax liability on nri

This query is : Resolved

Kapil (Querist)
Follow

23 September 2012 If my cousin transfer foreign currency as a gift to my brother's NRI account. Whether any tax liability arise in this case on part of my NRI Brother?

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

24 September 2012 No,liability arises.

Allowed as per FEMA and Income Tax Act.

Anuj
femaquery@gmail.com

Message likes : 1 times

Kapil

Kapil (Querist)
Follow

25 September 2012 How much foreign currency is allowed as gift & Can the amount be transferred after converting the FC into INR. Is there any legal hassle?

Upgrade to CAclubindia Pro. Subscribe Now!