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Loans borrowed from abroad

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2013 An assessee intends to borrow loans from his friends abroad for his business use. Are there any restrictions in Income Tax Act or FEMA.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 February 2013 income tax - no restriction. Advisable that proper documentation is maintained.

FEMA - a resident is allowed to borrow from or lend to his close NRI/PIO relatives. (refer AP (DIR) Circular 24 dated 27.9.03) or refer to http://www.rbi.org.in/scripts/faqview.aspx?id=52
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
21 February 2013 FEMA allows loan for business purpose under ECB Route ONLY.


Anuj
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