Relating to foreign currency
This query is : Resolved
BHANU PRAKASH
(Querist)
19 December 2024
Client-A is a Resident Peerson (individual)
Client-B is an NRI (individual)
Client-A wants to receive amount Rs.50 crores from Client-B. Client-B is aiso ready to give amount to Client-A. But there is no relationship. They are only Friends. In this siituation Please give proper advise to the below Questions
1) Whether Client-A can accept that amount without any limit?. If yes, In what Currency either in indian currency or in foreign currency
2)Is there any Procedural Requirements? Plese give the complete Procedure ( RBI permissions, Any FORMs Filing, etc)
3) Tax ipmplications regarding this matter
4) If there is any additional Suggestions , Please Suggest me
Client-B is an NRI (individual)
Client-A wants to receive amount Rs.50 crores from Client-B. Client-B is aiso ready to give amount to Client-A. But there is no relationship. They are only Friends. In this siituation Please give proper advise to the below Questions
1) Whether Client-A can accept that amount without any limit?. If yes, In what Currency either in indian currency or in foreign currency
2)Is there any Procedural Requirements? Plese give the complete Procedure ( RBI permissions, Any FORMs Filing, etc)
3) Tax ipmplications regarding this matter
4) If there is any additional Suggestions , Please Suggest me
CA R SEETHARAMAN
(Expert)
20 December 2024
Is it a gift or loan.
In case of gift it's taxable under income tax.
In case of loan The Reserve Bank may permit a person resident in India to borrow or lend in foreign exchange or rupees from or to a person resident in or outside India, if there are sufficient reasons.
In case of gift it's taxable under income tax.
In case of loan The Reserve Bank may permit a person resident in India to borrow or lend in foreign exchange or rupees from or to a person resident in or outside India, if there are sufficient reasons.
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