Urgent...loan from japan
This query is : Open
02 May 2012
Dear All,
One of my friends working in Japan has received a Loan from his japanese company there & now he wants to send this money to his father in India. Now whether this money will be taxable in India or not & if yes in whose hands & how DTAA agreement between India & Japan can help on this.
My friends residential status is ordinary resident since he stayed for more than 182 days in 2011-12.
thanks
Amit
One of my friends working in Japan has received a Loan from his japanese company there & now he wants to send this money to his father in India. Now whether this money will be taxable in India or not & if yes in whose hands & how DTAA agreement between India & Japan can help on this.
My friends residential status is ordinary resident since he stayed for more than 182 days in 2011-12.
thanks
Amit
02 May 2012
I am not sure but it is not taxable.
02 May 2012
Amit if you are sure that the amount is LOAN and not in the disguise of LOAN, it is NOT taxable in INDIA under Income Tax. You need to check this under FEMA because some where else you have mentioned this amount to be 70Lakh (I hope INR and not YEN)
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02 May 2012
Dear Sir,
The amount is Rs 70 Lac & as per my FEMA knowledge loan from relative outside india is not taxable.
Also the amount is Loan as written agreement will ne made between the employer & thew employee.
Amit
The amount is Rs 70 Lac & as per my FEMA knowledge loan from relative outside india is not taxable.
Also the amount is Loan as written agreement will ne made between the employer & thew employee.
Amit
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