Relating to foreign currency
This query is : Resolved
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- Multiple trade mark
- Copyright software
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
