we are having three sister concern, one company gave a loan to sis. com. in usd, can such loan can be repayable in INR.
From India, Mumbai
From India, Mumbai
Dear Mayuri
Kindly put up such queries in citefinance, you will get information on your query there.
I think you can repay the loan back in INR, provided that you pay such amount in INR in adjustment to the rate of Dollar on the day when the loan was paid to sister concern in Dollars and not on the current rate of Dollar.
Because if the current rate of dollar is higher then the date on which loan was paid, then the access amount will be considered as profit and same may be taxable.
This is my view and need not be right, kindly consider more options from experts in the filed of finance and accounts.
Regards
Octavious
From India, Mumbai
576Kindly put up such queries in citefinance, you will get information on your query there.
I think you can repay the loan back in INR, provided that you pay such amount in INR in adjustment to the rate of Dollar on the day when the loan was paid to sister concern in Dollars and not on the current rate of Dollar.
Because if the current rate of dollar is higher then the date on which loan was paid, then the access amount will be considered as profit and same may be taxable.
This is my view and need not be right, kindly consider more options from experts in the filed of finance and accounts.
Regards
Octavious
From India, Mumbai
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