Gifts for personal use below specified market value are excluded from foreign contribution under the rules. Articles gifted for personal use whose market value in India on the date of gift does not exceed one lakh rupees are excluded from the definition of ... Summary
Gifts for personal use below specified market value are excluded from foreign contribution under the rules.
Articles gifted for personal use whose market value in India on the date of gift does not exceed one lakh rupees are excluded from the definition of foreign contribution under sub-clause (i) of clause (h) of sub-section (1) of section (2) of the Foreign Contribution (Regulation) Rules, 2011; exclusion applies to articles given to a person for personal use and is determined by market value in India on the date of the gift.
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