Receiving foreign fund

Save Share

This query is : Resolved

SIM R B (Querist)

02 September 2017 One of my client is about to receive an amount equalent to 30 lakhs Indian rupee from uae in monthly installments with in one year from his brother
What all precautions should be taken to receive funds

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

02 September 2017 What is the nature of the transaction?

Is it just a remittance to maintain or acquisition of property?

SIM R B

SIM R B (Querist)

02 September 2017 Nature of fund: given in return for loan taken from my client 5 years before in uae

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

02 September 2017 Just documenting it with proper correspondence will suffice. No worries

SIM R B

SIM R B (Querist)

02 September 2017 Documents like,coukd you please give some examples for documents

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

02 September 2017 I dont mean separate documents. If your client and his brother had already entered into any agreement as such at the time of loan, the same ,for example, can be a document.

If it doesnt exist, the email correspondence about the amount being repaid every month can also be shown as a document

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now