Repayment of Loan to NRI
This query is : Open
10 February 2021
1.Mr X is an NRI and a partner/owner in a b2b Destination management company(RGT) in Dubai.
2.Many partners /agents transfer funds directly to bank a/c in Dubai
3.Some partners prefer to pay locally in India .For such agents they have the option to remit funds to sister concern (of RGT) C & T Travels in India.
4. RGT has funds accumulated in C&T Travels
5. RGT owes Mr X against loan advanced by him
6.Can C&T Travels transfer the same to Mr.X bank account in India without any tax implications.Mr X is also a partner in C &T Travels
7.Is there any other alternative for repayment of loan to Mr.X form RGT without any tax implication
2.Many partners /agents transfer funds directly to bank a/c in Dubai
3.Some partners prefer to pay locally in India .For such agents they have the option to remit funds to sister concern (of RGT) C & T Travels in India.
4. RGT has funds accumulated in C&T Travels
5. RGT owes Mr X against loan advanced by him
6.Can C&T Travels transfer the same to Mr.X bank account in India without any tax implications.Mr X is also a partner in C &T Travels
7.Is there any other alternative for repayment of loan to Mr.X form RGT without any tax implication
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