https://www.taxtmi.com/forum/issue?id=1762 Funds advanced by relatives from NRI accounts to discharge a domestic bank liability can be treated as a genuine loan rather than a gift if the transaction is bona fide and documented; borrowing in foreign exchange is governed by the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, and tax implications depend on whether the inflow is characterised as a loan or a gift, with gifts from relatives falling under the income tax exemption framework. en-us Thu, 11 Feb 2010 11:00:32 +0530 Thu, 23 Jan 2025 15:58:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1762 Funds advanced by relatives from NRI accounts to discharge a domestic bank liability can be treated as a genuine loan rather than a gift if the transaction is bona fide and documented; borrowing in foreign exchange is governed by the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, and tax implications depend on whether the inflow is characterised as a loan or a gift, with gifts from relatives falling under the income tax exemption framework. Discussion-Forum FEMA Thu, 11 Feb 2010 11:00:32 +0530 https://www.taxtmi.com/forum/issue?id=1762