One of our friend wants to receive a certain sum of money from his brother in Israel to India - as a gift. As we believe, since he is receiving from relative, it is not taxable under Income Tax Act. Our query is:
1. Is there any prohibition or prescribed limit on the amounts to be received in India from Israel (as a gift)
2. Are there any other regulations to be taken care of for this transfer.
Thanks in advance.
CAclubindia
