My NRI friend wants to wire transfer money from his U.S. account to my savings account in India.
Could someone please throw light on the procedure to be followed and also the tax implications?
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Your NRI friend can use normal Banks or specialized remittance services. There are questions on this website that give pro's and con's.
From Indian tax point of you, you have received a gift from friend and as such it falls under Gift Tax act. Any amount upto Rs 50,000 is tax free. Anything above it is taxable as per tax bracket.