sanul (engineer) 17 July 2012
I am working in Gulf. I took loan from a bank from here(Gulf) 1 years before and transferred to india and used that money for some property. Now i want to resign here and go back to india. Bu to settele my loan i need to pay 5 Lakhs. I am planning to ask my friend in india this money but how can i transfer this huge amount from india to gulf. What is the rules for tax.
CA. Vikash Dwivedi (Chartered Accountant) 20 July 2012
under FEMA 2000 Resident of India can pay off loan of NRI or can provide loan to NRI. you need to contact Indian bank NRI branch/ dept.
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