Where To Open Paypal Account In Nigeria?

Hi .. my friend wants to transfer money from nigeria to my account in india. what will be the tax? detail pls?

• my friend wants to invest some money in buisness in india. but he is from nigeria. he wants to transfer some money to my account. but i dont know whether incom tax department will put tax for that money from my account... where as he has paid his tax in nigeria. what is the procedure to transfer and what are all the things that will happen for money to reach my account and after that.pls help me on this.

• Answer:

  If your friend is an NRI ??. If he not an NRI or not an Indian, then do not accept this transaction at all. You will be in trouble later. If your friend at Nigeria is an Indian and NRI, then you can take that money, but it will be treated as gift and the entire money will be treated as your income and will be taxed as per slab rates. At the same time you cannot return it back to your friend at all as that money will become yours once for all. If your friend at Nigeria is an Indian and NRI, he can send that money to his father or mother or to any other blood relatives. In this case the amount will be treated as tax free gift and there will not be any tax at all. If your friend at Nigeria is an Indian and NRI, then he can open a NRE A/c in any bank in India. From that account he can directly purchase shares or can invest in mutual funds. There is no tax as he sending the money to his own NRE a/c in India. If he earns any gains out of this investments on that amount, then it will be taxed and he will pay it.