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remittance from india to abroad


I want to remitt nearly  Euro 25,000 (as loan with interest under loan agreement) to my father from India to Hungary. My father will use the loan amount for his business operations and business development. Can anyone tell me about the tax implications over the same and the procedure of remittance as well. Is it mandatory to fill form 15CA ana 15CB for remittance of the said amount. Please reply as soon as possible. Thanks in advance.

 
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Advocate

you may approach a Chartered Accountant for the same on caclubindia.com

 

Regards,

Advocate Rohit Dalmia

 
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ADVOCATE

Facts stated:      I want to remitt nearly  Euro 25,000 (as loan with interest under loan agreement) to my father from India to Hungary. My father will use the loan amount for his business operations and business development. 

Queiery-1:  The tax implications over the same:

You are liable to be taxed on the interest accruing/ received. Your father will have no tax liability.

Query-2: The procedure of remittance . Is it mandatory to fill form 15CA ana 15CB for remittance of the said amount: Better enquire at any Bank Branch/ RBI Office.

 
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