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.
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)
CAclubindia
