India | Banking Law
Legal Question
my question reveled some serious controversial, kindly give me proper solution:
i have more than 1 Million american dollar, is it possible to convert those money to Indian currency without submitting the supporting document and whether it is possible to avoid the tax? is their any possible way to covert those money to Indian currency?
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Legal Answer
I presume u r in India. If so there is no legal way to convert the same to Indian currency except through a bank or authorised forex dealer. They will certainly require you to submit documents as to the source of that amount. Tax part of it will come later
If you go to some unauthorized forex dealers, you will be courting trouble and have to get the same converted at your own risk..
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independent Practice Priya Mahaall, New 27, Old 12/3, Deivasigamani Street Chennai, NUS 600014
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Legal Answer
You have to state to lawyer the source of this money and its present place of custody. Then you can ask for advice on how to convert to INR and possibly tax plan.
email me at:
helpdesk@lawconcern.com
madraslawyer@yahoo.co.in
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www.lawconcern.com 7A Queens Court 130 Montieth Road Egmore Chennai Chennai,india, NUS 600008
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Legal Answer
Yes, sure, you can convert your dollars into Indian currency anytime.
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Attorney-at-Law (India)/ Visiting Scholar, UNC-CH USA Punjab and Haryana High Court Chandigarh, 110001
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