Re payment of principal and interest.

This query is : Resolved

koteshwara rao jonnalagadda (Querist)
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03 May 2014 respected experts,

my daughters are nri's they are suporting me since last five years,i could not pay back them since my financial position never permited because of health condition.

now i have decided to sell of my self earned properties and pay back the supported money with interest in australian dollers.

i dont have any sons,both daudgters are nti's.

kindly advise me how to procede and what are the implications.
with regards,
j.koteshwara rao.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 May 2014 1. you don't have to consider this as repayment of interest and principal.

2. you can give your daughters any money without restriction under indian tax laws.

3. In case there are tax implications in Australia, you may consider repaying only the principal portion and for the remaining portion park it deposits in their name in India.

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