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Tax on money given by american friend

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(Querist)
29 March 2013 One of my US based friend (not NRI or PIO, but proper American citizen) is willing to lend me some money for my business. I can repay him back as and when I can.

I want to know would be the taxability aspects in this.

Would be grateful if someone can guide me on this.

Thanks..
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srinivas reddy

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srinivas reddy (Expert)
30 March 2013 that income will not covered under any head
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Jay Patel

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Jay Patel (Querist)
30 March 2013 If it doesnt fall under any head, then does it mean I dont have to pay any tax on it?
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