Hello
I am getting help from my foreigner friend of 50 thousand dollars. Here i am purchasing some lands. I needed that amount and He is sent money. How to show this amount as loan to income tax? How to do agreement if income tax department ask? What proof i should have to face any issues rise in future.
funds will be regulated through RBI and FEMA rules
declarations need to be given to receiving bank
if you are not a businessmen then normally there will not be much questions, but transfer money back through bank channel only
For income tax department purpose prepare MoU, and make it clear regarding interest if you are paying
Shyam Joshi & Associates
Pune
B.Com
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