will FEMA Act be applicable
This query is : Resolved
dipika jangid
(Querist)
18 September 2009
A foreign company and Indian company came together to promote the incorporation of a company . now due to this the foreign company incurred some expenditure regarding incorporation of the new company. now the newly incorporated company wants to reimburse the expenditure incurred by the foreign company, will this attract FEMA Act , if yes then which section or rule
dipika jangid
(Querist)
19 September 2009
please help ... its quite important
CA. Anuj Gupta
(Expert)
08 May 2011
Yes there is a restriction under FEMA for remittance of pre-incorporation expenses exceeding 5% of investment brought in or US$ 1,00,000/- whichever is higher .
Anuj
0-9810106211
Anuj
0-9810106211
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