Bringing one cell phone from US to India for personal use, is this allowed?

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If this source is correct, it depends on the financial value, not the quantity.

According to immihelp

                                         Age 10 & over   Age below 10
if stay abroad for more then 3 days      Rs. 45,000      Rs. 17,500
if stay abroad up to 3 days              Rs. 17,500      Rs.  3,000

The customs staff have a database of values, they might ignore any invoice you show.

RedGrittyBrick 5062

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