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Swapnil Bhagwat (Querist) 12 December 2011 This query is : Resolved
Respected sir,
My friend has send me one cheque from Africa as gift or help. This cheque amount is $ 300000USD. Can I face any problem in future. When I deposit cheque. Please give any help about that thing.

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M.Sheik Mohammed Ali (Expert) 12 December 2011
sure, i will penalised, before deposit you consider to RBI, because internet cheating online,

M.Sheik Mohammed Ali (Expert) 12 December 2011
sure you will penalised (sorry spelling mistake)

Swapnil Bhagwat (Querist) 12 December 2011
sir,

can u please explain it

Advocate. Arunagiri (Expert) 13 December 2011
No problem, you can en cash the cheque, you have to declare it as your income, and pay the tax.

Consult your auditor for filing the IT returns.

I am very happy to note that you have a nice friend who is giving a gift of Rs.300,000 USD.

ajay sethi (Expert) 13 December 2011
wish we had friends like yours who make gift of us 3.00.000 .

Sailesh Kumar Shah (Expert) 13 December 2011
ask your tax consultant for compliance of fema rules.

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