Taxpayers’ dilemma: Conflicts between tax laws and Fema Under the Liberalised Remittance Scheme of Fema, within the $250,000 annual limit, you can give a foreign currency loan only to a relative as defined under the Companies Act. This definition only covers immediate relatives, i.e. parents, grandparents, and siblings, children, grandchildren and their spouses.
Taxpayers’ dilemma: Conflicts between tax laws and Fema
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