mehul (abc) (31 Points)
11 April 2009My sister lives in USA and i need to transfer 50000$ from her as a loan for 5 years to invest in my business.
Is there any way to bring that money in to my account in india?
Will it be consider taxable as a gift or as a loan?
Do i need to Get FIRC from bank and/or Do i need to do some agreement paperwork with my sister?
mahendran
(md)
(22 Points)
Replied 17 April 2009
it is not poissible.it will create lot of legal problem.and also you have to pay tax for that amount in india.
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jack
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 25 April 2009
You need to examine this issue profesisonally.
If such transfer is on non reptariable basis, it an come easily. Further, tax implication can also be controlled. However, if you want this money on repatriable basis, large amount of paperwork is required.
Ca Anand Dubey
(Chartered Accountant)
(1676 Points)
Replied 03 May 2009
Yes, subject to FEMA regulation, no income tax is applicable, You must take FIRC and need to make agreement also
CAclubindia
