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.