Loam in forgien currency
This query is : Resolved
SABREZ ALAM
(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
Nikhil Kaushik
(Expert)
16 September 2014
no restriction under Income-tax Act
Under FEMA, you are allowed to borrow from close relatives.
Under FEMA, you are allowed to borrow from close relatives.
18 September 2014
nikhil can u provide a link for the same.
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