hello everyone,
i am ambrish sadhu (resident indian), my father resides in the gulf (NRI). i have opened an I.T. firm here in vadodara & i am the PROPREITOR . i am in need of funds for my firm, so my father has offered his help to me, is it possible to transfer funds from NRE account to my firms Current Account? is it taxable for me and/or my father ? or do i have to transfer funds from NRE (fathers account) to MY savings account and then to my firms current account (becoz the definition of GIFTs include only relatives & not FIRMS). please guide me through this situation.
CAclubindia
