Interest free loans by nri to individual.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 November 2014 Dear sir/madam
any body can explain whether it possible to give loans interest free by any individual to others or by NRI to individual which is not relative. what about incase of any bohara who are NRI wants a gift to individual resident in India without Interest. Is there any notification or circular that bohara's are allowed in india that he can give loans interest free and not others are allowed.
see the matter is that one NRI Bohara want to interest free loans to indian resident.?
please clear the provisions if there in income tax act?

thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 November 2014 You cannot borrow from non-relative under fema

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2014 Sir please clear in details as cast of person is bohara samaj having a business in dubai and wants to send money in india in his NRI account than he will give it to indian resident without interest or indirect he will get benefit or not, it in his mind only. is it possible or not at all? pl give me reply in details sir. thankx

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 November 2014 he will still remain an NRI, right? i dont think it is possible...

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