Forieg contribution
This query is : Resolved
01 March 2012
What are the regulations relating to crowd sourcing from sites like IndiGoGo, kickstarter.com etc.?
The contributions are recieved for a specific puropose (development of a product) but it is not a equity sale or product sale. It is a kind donation made for the specific project. Though I will be sending gifts to the donors as an appreiciation of their donation but the valueof gift is much lesser than the contribution.
I want to know if there is any restriction on such sourcing considering many donations may come from outside India. Any paper work needed before accepting the funds and how to declare them. Does it form part of my income?
Appreciate your help.
What are the regulations relating to crowd sourcing from sites like IndiGoGo, kickstarter.com etc.?
The contributions are recieved for a specific puropose (development of a product) but it is not a equity sale or product sale. It is a kind donation made for the specific project. Though I will be sending gifts to the donors as an appreiciation of their donation but the valueof gift is much lesser than the contribution.
I want to know if there is any restriction on such sourcing considering many donations may come from outside India. Any paper work needed before accepting the funds and how to declare them. Does it form part of my income?
Appreciate your help.
05 April 2012
For any donation received from outside India there is restriction and without the permission of the concerned authority you cannot bring it to India as you have give the end uses, identity of the donor and so on
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