I have a question My brother-in-law stays in USA he wants to transfer some amount approx 10 lakhs to my Indian bank saving account is it legal do i have to take any ones permission i.e RBI etc reg thisissue of transfer ,any Tax implication when they are deposied into my account.
Transfer of funds is from NRE ACCOUNT TO SBI SAVING BANK ACCOUNT(INDIA).
I heard if its in relatsives u can give any AMOUNT OF money i mean blood relations . IT act.
What a legal issues in this matter can i go for it , are do this creates any problems for me.
Thanks if any one would reply soon.