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Loam in forgien currency

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(Querist)
16 September 2014 my brother live in USA he is NR can i take loan from him rs, 14 lacs. for myself. is any restriction on receiving loan in forgien currency in income tax or any other law provide ans, in detail
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 September 2014 no restriction under Income-tax Act

Under FEMA, you are allowed to borrow from close relatives.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 September 2014 nikhil can u provide a link for the same.
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