I am Indian citizen I have one friend in Los Angeles he send me money on regular basis in my saving account around 70k he is foreigner and there is no blood relationship between us . I want to know it is taxable any guidelines from RBI or limit of amount..?
I want to know it is taxable any guidelines
As per the income tax rules, this is taxable to you. The amount will be treated as gift to you. The limit of this in a year [across all friends] is Rs 50,000. If the limit exceeds, the entire amount is taxable.
You would need to declare this as other income and pay taxes as per your tax brackets.