I stay in India and have a salary savings account here. A friend of mine is making a transfer from UK in GBP to my account in India. Amount is 35000 pounds.
Do I face any taxes, legal liability or charges for this transfer?
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.Sign up to join this community
Yes. You haven't indicated why the transfer is being made. If it is without any reason, it would attract a Gift Tax.
It would definitely be investigated to see if Money Laundering or any other illegal activities is happening. If things are in order you have nothing to worry.
Normally none. Your Bank can confirm better.
friend of mine
Are you sure he is a friend and this is not some kind of scam ... it typically starts of with you will get huge money and then calls like its stuck with RBI you need to paysome one to fast track or any such stories to get money out of you.