I am an NRI have given money on loan to a society running school. Since society is still making losses so thay cannot return my money. They keep on putting my principal amount and interest on their liability part and not paying any money to my NRO account. Please let me know if the interest amount which is getting accumulated, should I show it as an incom or not? Do I need to file tax as I do not have any incom from local sources?
Somebody said NRI can not give loan to society is that correct?
CAclubindia
