Loans borrowed from abroad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 February 2013
An assessee intends to borrow loans from his friends abroad for his business use. Are there any restrictions in Income Tax Act or FEMA.
Nikhil Kaushik
(Expert)
21 February 2013
income tax - no restriction. Advisable that proper documentation is maintained.
FEMA - a resident is allowed to borrow from or lend to his close NRI/PIO relatives. (refer AP (DIR) Circular 24 dated 27.9.03) or refer to https://www.rbi.org.in/scripts/faqview.aspx?id=52
FEMA - a resident is allowed to borrow from or lend to his close NRI/PIO relatives. (refer AP (DIR) Circular 24 dated 27.9.03) or refer to https://www.rbi.org.in/scripts/faqview.aspx?id=52
Message likes :
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CA. Anuj Gupta
(Expert)
21 February 2013
FEMA allows loan for business purpose under ECB Route ONLY.
Anuj
femaquery@gmail.com
Anuj
femaquery@gmail.com
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