loan from NRI
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2010
one of my client has taken loan (interest free) from his NRI friend and utilized this amount in his construction company.
amount was transferred directly from NRI A/C to director A/C.
is their any formalities why must be follow?
it urgent.
amount was transferred directly from NRI A/C to director A/C.
is their any formalities why must be follow?
it urgent.
09 August 2010
No formalities for company. But the director should obtain something in writing so as to convince the Assessing Officer about the receipt in case the file of Director comes under scrutiny.
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