Question ID : 2764

Gift from a person Citizen outside Indai

Dear All,

Hi !

I have a query on FEMA provision.

Can a Citizen of dia accept Gifts (Irrevocable & on Non-repatriation Basis) of money Foreign Exchange by way of transfer to recipients Savgs Account from a person who is Citizen of country out dia and the Payer is neither an NRI or a PIO ? If yes, then what is the maximum limit for such receipt of money ? What are the procedure for receipt of such money to dia ? Whether any documents is required to be filed & furnished to RBI and, or FEMA Authorities ? What documents the Beneficiary should obta from the payer for protection of his ters ? Is there any prohibition on the Country of Source (Like Pakistan, Bangdesh, Cha, Nepal, Africa, Iran etc.) ?

I thk from come Tax Pot it is covered u,s 56(2) and is taxable at the applicable rate of Tax the hands of receipient though it is received Foreign Exchange and through Normal Bankg Channels.

Please Crify.

Thanks

CA Rajiv Srivastava
'

Post Your Answer

Please login to post your answer.