Query related to FEMA and IT
This query is : Resolved
18 August 2021
A) Can Resident Individual transfer fund to his Spouse Resident Savings account (Spouse is NRI from last 1.5 year). She is not converted our saving account into NRO account. In Last 1.50 year they have done many transactions. It is mandatory transfer fund to his NRO Account?? B) If Same Resident Individual wants to transfer fund to NRI NRO A/C for the purpose for business of NRI. Can He provide the loan as a Loans & Advances (Assets) Or it will have to be considered as a gift.
18 August 2021
A It's mandatory to convert it within 6 months as NRO account. You can transfer the funds no problem.
B In case of relatives treat it as gift.
B In case of relatives treat it as gift.
19 August 2021
Ok Thanku so Much. Sir, In last 1.5 year many transactions have been done (approx. 10 lakh). According to FEMA will we have to pay any penalty.
19 August 2021
No need to pay any penalty.
19 August 2021
Ok Thank You So much Sir for help & Kind response. and Sir can we directly transfer fund (Remit) to his foreign bank account, as a gift. Sir In the above case NRI Wants to setup business outside india. Therefore She is taking funds in the form of loan or gift from his relatives.
19 August 2021
Yes, relatives can transfer funds to foreign account under liberalised remittance scheme (LRS) as gift.
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