receiving money from outside india

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2011 Whether a resident indian can receive $300000 from his non resident friend by way of gift through his saving bank account?I want to know,if there is any restriction or limitation in the light of FEMA provisions.Pls reply.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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04 April 2011 REMITTANCE FACILITIES FOR NON RESIDENTS INDIAN / INDIAN ORIGINS ,
PRE- PERMISSION OF RBI IS MANDATORY IN YOUR CASE.

FOR MORE INFO:-

RBI MASTER CIRCULAR NO. 4/2007-08 DTD.21.02.2008.

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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04 April 2011 ANOTHER LINK IS :-

http://rbidocs.rbi.org.in/rdocs/notification/pdfs/78362.pdf

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CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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16 May 2011 Yes the Indian can receive the above mentioned amount in Dollars, and there are no restrictions by RBI for the same.

But there shall be incomer tax implications under sec. 56.

Anuj
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