Have been reading about this recent tax policy on taxing inbound international remittances to India (if someone sends money to you from abroad, some tax is deducted first and the balance that is left gets sent to your account).
What exactly is this?
In an example, X, who is abroad, wants to send 10 lacs to Y’s savings account in India (X and Y are not relatives);
- Will Y receive the full amount that X sends?
- Does any tax get deducted directly before the money reaches Y’s bank account?
Anyone with expertise in this matter or who has recently received money from abroad, please comment. Thanks