Are there any prohibitions on the purpose for which loans cannot be taken

Question: Are there any prohibitions on the purpose for which loans cannot be taken?

Answer(s)

Raju Kanumuri: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.

Your Answer

Related Questions

Q: What are the tax exemptions incomes for NRIs?

A: * Interest on NRE & FCNR(Foreign Currency Non- Repatriable) account * Interest on government-issued savings certificates, notified bonds * Dividends from shares of domestic companies * Long term...

Q: Why ITR should be filed by NRI?

A: * If the Tax deducted at source is more than the actual tax liability of the NRI, then refund can be claimed by the NRI only after filling return along with interest. * If the NRI has incurred any...

Q: What is tax consideration of NRE/NRO account?

A: Considering the interest income in NRE/ NRO Account, NRI can file their return in India. The income of NRE Account shall be exempt whereas, Income in NRO Account shall be taxable.

Q: What are the tax deductions that are not allowed to NRIs?

A: * Investment in PPF * Investments made in NSCs * Post Office 5 Year Deposit Scheme * Senior Citizen Savings Scheme

Ask