Tax on foreign loan

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sankar ponnan (Querist)
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09 April 2021 Sir / Mam
I am a Proprietor and for my business development, I had approached with my friend.
He introduced a person but he is living in foreign ( Not an Indian).
I did not see him before and even not speak to him.
How ever, the foreigner is ready to send the business loan to me by bank account.

And he has two conditions that ,
- the loan will be returned after a specific period.
- for that specific period, he wants to be one of the owner but not in legal.

My doubts are,
(1) Can I join with a foreigner and get the loan from him for my
business?
(2) Will any legal issue as it is a foreign income (Loan) from an
unknown person?

Guide me plz
thanks in adv

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 April 2021 Such conditions are illegal do not go for such loans, you will land in trouble.
RBI permission required for such borrowing.

sankar ponnan

sankar ponnan (Querist)
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10 April 2021 Thanks for your valuable guidance sir

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