fund transfer from the foreign account to indian company

Vasu Moottu Kuzhiyil (Querist) 06 November 2014 This query is : Resolved
My friend is running a Pvt Ltd Company. He is in need of large amount to under take a new project. One of his friend have large amount of money lying in foreign country and ready to help him. He is willing electronic transfer of some money to the company account of my friend. My question are:
1) whether the details of source of this foreign money is to be mentioned in the Tax returns of the company?
2) Is there any restriction and ceiling for such fund transfer ?

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Advocate Kappil Cchandna (Expert) 07 November 2014
Dear,

Please call and discuss.

Adv kapil chandna, 9899011450

Anirudh (Expert) 07 November 2014
Dear Kapil Chandnaji,

Whether your services are free when one calls on phone and discusses the issue.

Please confirm, I have a lot of persons who want to avail such free services.

Your confirmation will be of a great help to them.

Guest (Expert) 07 November 2014
Better Consult a Good Local Chartered Accountants Or your Auditors Or Post this Query in CA Club of same Forums Of LCI.This Forum is Exclusively operated for Legal Matters related to Law by Advocates.Only a CA could help you practically.

Rajendra K Goyal (Expert) 07 November 2014
FOREX rules apply on such transaction. payment return in foreign currency amount is subject to RBI and Govt. guidelines. Consult your CA.

malipeddi jaggarao (Expert) 07 November 2014
The amount thus borrowed should appear in the balance sheet of the Company as a loan. You have not even mentioned the amount. Such transactions are subject to FEMA Act and RBI guidelines. If you want free service browse through the RBI website. If you are willing to pay you consult a CA who is well versed in Foreign Investment matters.

Advocate Kappil Cchandna (Expert) 08 November 2014
Free if nothing remains to done, I.e. advice is free. But if paperwork or compliance is required.then chargeable.

Guest (Expert) 08 November 2014
What is the authorised and paid up capital of the company? How the company proposes to show the huge funds in its accounts, whether can be accommodate withiin the prescribed limit of authorised capital or not?

T. Kalaiselvan, Advocate (Expert) 10 November 2014
Since the issue involves many issues as hinted by expert Mr.Dhingra, you may better take the help f a local CA to resolve the issue properly as per provisions of law in this regard.

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