Bank wants the repayment from Sudha. Bank does not want any claims from third party on the titles. My client was running an industry which ran into problems and ultimately the owner of the industry leaving his wife. The bank is demanding the loan taken by the industry. and the widow does not have the resouce to pay the liability. Now, some of her relatives who are staying abroad wants to help her by providing a loan to her to discharge the bank so that she can get back her property which can be sold to repay the loan. Now the question is: 1) Whether she can take loan form the relatives from their NRI accounts and repay the loan after the property is sold and remit back the loan in foreign currency. 2) if so any income tax liability is involved? 3) What is the route to be folowed.
Regards.
Ca Sanjay Baheti
CAclubindia
