Dear All,
I have a query regarding remitting money from US to India on business purpose.
One of my buyer's son is working in USA, his father is doing business with me for years, he want to purchase goods worth of about 3 crores from me, all the GST related registrations on his fathers name only, now his son wants to remit the balances to my bank account for the bills, is that possible?if not, is there any options available? Generally, how much can be remitted to India for business purpose?
Please answere me asap..
Hello,
Yes, he can very well transfer funds to your account it is not a problem. But still in order to keep your books of accounts clean it is very much advisable to ask him to transfer funds in his father's bank account and then his father/ your buyer can remit funds to you.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Hi
Yes , this can be done. There is no issue if you receive such money for the sales you have made.
Hi,
Yes, you can receive funds from him. However, it is more advisable that he remits the amount to his father's bank account, who then transfers it to you.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
