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Loaning money to India

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  • Loaning money to India

    I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. Please advise the process/paperwork that i need to set up this loan so when he wants to return this money to me I can get it back in $$ without any tax implications here in the US. The $$ i am sending is from my savings account here and i would like to send this as a loan so i have an option of bringing this money back when i need it back here in US for any future use (so i do not plan to accrue any interest or anything on this money that i am sending). Please advice on how to complete the documentation for this loan agreement (will it be a like a promissory note signed by notary public here in US and an Indian auditor back there.... etc) - thanks

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