Loan from an nri
This query is : Resolved
21 December 2016
Hi,
what all can be the impact of amount nearly 1.00 cr is recd from an NRI (Foreign NAtional)
NOT a Blood Relation
what can be the impact of taxes ? & also can that be shown as loan from foreign national to save tax ??
please guide
what all can be the impact of amount nearly 1.00 cr is recd from an NRI (Foreign NAtional)
NOT a Blood Relation
what can be the impact of taxes ? & also can that be shown as loan from foreign national to save tax ??
please guide
21 December 2016
The amount is fully taxable, if not received from any relative. U may visit the following link for definition of gift:-
http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
Better not to treat as loan, coz TDS compliances will arise for interest payment on that loan.
http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
Better not to treat as loan, coz TDS compliances will arise for interest payment on that loan.
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