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Foreign transfer.

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(Querist)
25 July 2014 can a person receive foreign transfer from an NRI into his bank account from a friend .and what are the tax or other consequences?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
25 July 2014 the receipient friend shall be liable to tax if the amount so received and other amounts (gifts) received during the year exceed Rs 50,000. In such a scenario, the whole of the receipt shall be included in income from other sources.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
29 July 2014 in case if both are relatives then nothing will be taxable.............................
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