Fema
This query is : Resolved
Krishan Kumar Garg
(Querist)
25 March 2018
Request confirmation/ views that:
I as Indian resident can borrow on repatriation basis up to USD 2,50,000 or equivalent as per FEMA terms such as interest free loan, having minimum maturity period of one year, transfer of funds through their NRE account from my daughter and son in law who are NRIs
and
I can use such funds for earning interest, of course, pay applicable income tax in India.
Thanks in advance
I as Indian resident can borrow on repatriation basis up to USD 2,50,000 or equivalent as per FEMA terms such as interest free loan, having minimum maturity period of one year, transfer of funds through their NRE account from my daughter and son in law who are NRIs
and
I can use such funds for earning interest, of course, pay applicable income tax in India.
Thanks in advance
CA R SEETHARAMAN
(Expert)
25 March 2018
You can get the funds as gift being relatives and return it as gift FEMA allowed it.
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Krishan Kumar Garg
(Querist)
25 March 2018
Thanks for very prompt reply. Will appreciate if you could please tell me whether you envisage any issue with the proposal I referred.
CA KK GARG
CA KK GARG
CA R SEETHARAMAN
(Expert)
25 March 2018
In case of loan FEMA rules to be complied.
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