Tax

Money transfer form NRI Money transfer form NRI

1 year ago

A lender is the resident Indian but his son is NRI. Can the son directly transfer the money to the borrower, without the lender having to receive it and then transfer it to the borrower?

Anik

Responded 1 year ago

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A.Hello Sir,
I didn't understand facrs which you have provided. Please make it more clear a d let us know.
Thank you
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Anonymous

Replied 1 year ago

I will be lending money to a certain person. Money is with my NRI son. Should I get money into my bank account and lend or can my son transfer it directly to another person's (borrower) bank account? Will it be considered a gift or loan from NRI and not a loan from me? The loan agreement will be between me and the borrower. I will receive the repayment from the borrower. To add to it will there be any more restrictions other than the usual parent- NRI descendant rules if I have to transfer my wealth to my son in cash in future? Thank you very much for your response.

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Anonymous

Replied 1 year ago

Both the lender and borrower are residents of India. Thank you.

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