Income tax and banking laws queries
3 years ago
Sir i am Smit , my friend from Canada wants to do FDI in india so which sector is good for investment in India? he wants to transfer 10MCanadian$ in my account but due to RBI monetary restriction his HSBC bank in CANADA have refuse to transfer his 10mCanadian$ in my account in S.B.I, so he created to my online account in his HSBC BANK CANADA , he transfer his 10MCanadian$ money from his HSBC bank regular account into My HSBC bank online account now his bank (HSBC) says that i will transfer this money from my online account at HSBC bank into my regular saving account in SBi through online way. So sir is this transaction is legal in India, as per Income tax laws and banking laws ,if it is legal what percentages of TAX will be levy on this transaction by Income tax department?
Note- Sir i am Indian citizen not NRI and my friend is Canadian citizen) Sir NRE account is needed to open of my friend in SBI bank for this transaction?
Please take necessary advise from concerned Financial Adviser.
Please give me Rank 5 if you feel my answer helped you.
In case it is genuine transfer then do not try to circumvent the RBI as you both will be in big trouble. And if it is a a fake one then just ignore and move on. Lot of cyber frauds like this are happening.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
Automatic Route
Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from the Government of India for the investment.
Government Route
Under the Government Route, prior to investment, approval from the Government of India is required. Proposals for foreign investment under Government route, are considered by respective Administrative Ministry/ Department.
Automatic Route
Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from Government of India for the investment.
Government Route
Under the Government Route, prior to investment, approval from the Government of India is required. Proposals for foreign investment under Government route, are considered by respective Administrative Ministry/ Department.
What should I opt Old Regime vs New Regime
Exemption on interest education loan
Tax query
Claiming Leave Travel Allowance while filing ITR
Income tax notice Under sec148
