Is it possible to receive a huge amount from my foreign friend in my SBI bank a/c for real estate investment?
You are really going to need an accountant on both ends. There is a very good chance that, whether you mean to or not, you are going to be in violation of international law. If your "firm" needs to purchase something, then it must be in it’s name. If you ever make the statement to yourself that you are performing a function to avoid taxes, then you are just asking to be prosecuted. Ethics aside, bear in mind that tax collectors have been doing their job for thousands of years and they are very good at it. If you think that you are smarter than them, you are very wrong. Even if your intention is not to avoid taxes, if it appears that way, you are in the wrong. Both of you get an accountant, and use them. As business grows, there is going to be more and more to keep track of, and no way to both keep track of everything and do business.