Foreign Loan Can be repaid in india with interest ?
Tipsy
(Querist) 20 June 2009
This query is : Resolved
Getting Loan From Individual residing abroad, for my business , How to repay interest & principal amt back? RBI Permission reqd?
I am getting Loan From Individual residing abroad
How to pay interest and principal amount after 3 years abroad
Can i Pay the amount in India, as he has account ?
Is interest destruction Allowable U/s 24 ,But Principal is Not Allowed
As Deduction u/s 80C, is RBI Permission reqd ?
A V Vishal
(Expert) 20 June 2009
Dear Tipsy,
You have jumbled the entire query. First of all what is the purpose of the loan. Is it for business or acquiring or constructing a house, since para 1 states loan for business whereas line 5 & 6 states deduction u/s 24 & 80 C. The S 24 referred by you under Income Tax Act is for housing loan interest paid and the pricipal loan repayment u/s.80C under the same act.
As for the RBI permission it is on case to case basis, so if you Please keep your cool and seek the correct clarification we can help you better.
Tipsy
(Querist) 20 June 2009
Getting Loan From Individual residing abroad, for my business , How to repay interest & principal amt back? RBI Permission reqd?
I am getting Loan From Individual residing abroad,How to pay interest and principal amount after 3 years abroad,Can i Pay the amount in India, as he has account ?
is RBI Permission reqd as this is business loan from individual?
A V Vishal
(Expert) 20 June 2009
How much is the loan amount
Tipsy
(Querist) 20 June 2009
I am running very Big Unit and it is 8 crore
Rupees, i am geeting at very low interest
A V Vishal
(Expert) 20 June 2009
Certainly you attract FEMA regulations and RBI must be intimated. However, the details provided by you are insufficient as to the constitution and type of business and what you do business of. Hence advise to contact a local expert dealing in FEMA matters.
Manish Singh
(Expert) 21 June 2009
Mr. Vishal has suggested quite nicely.
but i would request you to provide certain information - 1. whether the lendor is an NRI or PIO?
2. who has taken the loan- you as an individual or your business entity.
3. any other necessary detail.
Uma parameswaran
(Expert) 25 June 2009
I am supporting the opinion given by L Expert Mr.Vishal. You can repay interest and principal amount in their branch in India.
