diff --git a/python/src/com/jetbrains/python/inspections/PyCompatibilityInspection.java b/python/src/com/jetbrains/python/inspections/PyCompatibilityInspection.java
index 9dfa2c0d8e0c..1a36e70b9653 100644
--- a/python/src/com/jetbrains/python/inspections/PyCompatibilityInspection.java
+++ b/python/src/com/jetbrains/python/inspections/PyCompatibilityInspection.java
@@ -239,6 +239,7 @@ public class PyCompatibilityInspection extends PyInspection {
     @Override
     public void visitPyFromImportStatement(PyFromImportStatement node) {
       super.visitPyFromImportStatement(node);
+      if (node.getRelativeLevel() > 0) return;
       int len = 0;
       StringBuilder message = new StringBuilder("Python version ");
       PyQualifiedName name = node.getImportSourceQName();
diff --git a/python/testData/inspections/PyCompatibilityInspection/relativeImport.py b/python/testData/inspections/PyCompatibilityInspection/relativeImport.py
new file mode 100644
index 000000000000..f4dbf193c0f1
--- /dev/null
+++ b/python/testData/inspections/PyCompatibilityInspection/relativeImport.py
@@ -0,0 +1 @@
+<warning descr="Python version 2.4 doesn't support this syntax.">from ..exceptions import ServiceDoesNotExists</warning>
\ No newline at end of file
diff --git a/python/testSrc/com/jetbrains/python/inspections/PyCompatibilityInspectionTest.java b/python/testSrc/com/jetbrains/python/inspections/PyCompatibilityInspectionTest.java
index e4f263bdb89b..c93c3754f1ff 100644
--- a/python/testSrc/com/jetbrains/python/inspections/PyCompatibilityInspectionTest.java
+++ b/python/testSrc/com/jetbrains/python/inspections/PyCompatibilityInspectionTest.java
@@ -130,6 +130,11 @@ public class PyCompatibilityInspectionTest extends PyTestCase {
     doTest(LanguageLevel.PYTHON33);
   }
 
+  // PY-11047
+  public void testRelativeImport() {
+    doTest();
+  }
+
   private void doTest(@NotNull LanguageLevel level) {
     runWithLanguageLevel(level, new Runnable() {
       @Override