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vijay
Joined: 23 Oct 2010
Posts: 137
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 Posted: Tue Apr 12, 2011 1:16 pm Post subject: Loan or gift from NRI for business? |
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Hi, Recently i have started a company. My father in law (NRI) is willing to provide some financial assistance for the company, which one is the best way to receive the money, in my name or company name. it's like a gift amount, what will be the tax treatment in this reg..
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Doing business in Switzerland |
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davis
Joined: 08 Mar 2011
Posts: 485
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| Posted: Thu Sep 15, 2011 9:09 am Post subject: |
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First of all if an NRI gives an amount to Indian blood relative, it is not taxable on any ground whatsoever as it is not an income in the hands of an Indian relative. Secondly it is up to the NRI and the Indian recipient to decide whether the amount received is a gift or a loan. If it is gift one can obtain a simple letter of gift for record, or treat it as loan to be returned in future and decide among themselves whether any interest is payable on the ;loan or not.
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lead generation services |
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