21 August 2024
Client's Case : My relative would like to send the following amounts directly to my bank account from abroad for the following two purposes :
1. An amount of Rs. 10-15 Lakh for the purpose of cost of education of my son.
2. Another amount of Rs. 10-15 Lakh further utilising which I shall purchase a residential house for myself.
Queries : 1.What will be the income tax implications of the above receipts in the hands of the recipient who is a resident and ordinarily resident individual in India having no other source of income at present ?
2. Will the implications be any different if the amounts are smaller, say Rs. 5 Lakh in each of the above cases ?
3. Will there be any implication of FEMA provisions on the recipient for receipt of above amounts from abroad directly into his bank account ?
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