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Gift (cash) received from foreign closed relatives

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2012 My query is some one can receive foreign gift (in USD)from his closed relatives who lived in USA.Is there any limit? or any permission required from RBI to received the amount? and have to pay any tax on it?
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
18 October 2012 there is no such restriction under FEMA rules ..and as per IT ACT gifts received from relatives is exempted from tax u/s 56(2)

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