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Remittance Received

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09 April 2009 One of my friend has received remittance from his friend from US. Total amount received is $ 12K during the F.Y. 2008-09 as gift.

My Questions are ;

01. Whether he has to take prior permission from RBI? If yes then under which regulations.

02. What will be the treatment for gift received under Income tax act?

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chetan soni

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chetan soni (Querist)
14 July 2009 closed.

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