Nri advance loan to his brother
This query is : Resolved
24 February 2021
AN NRI WANTS TO ADVANCE TO HIS BROTHER IN INDIA FOR HIS BROTHER'S BUSINESS NEEDS. WHAT FORMALITIES NEEDED TO FULFIL AS PER FEMA ACT & INCOME TAX ACT. NRI NOW SETTLED IN USA AND WHO IS HAVING NRO A/C IN INDIA
24 February 2021
Transfer it as gift to the account of his brother. No need for any FEMA or income tax formalities.
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