Plz expert reply my query
My nri frnd give me cheque from indian nro account.now i want to know tax implication on transfer on both party
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177726 Points)
Replied 20 May 2017
Cheque for what? Gift? Loan? Payment?
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 20 May 2017
Your question is not clear. You have to inform first the reason of payment?
chirag
(ca final...)
(95 Points)
Replied 20 May 2017
Which is benefial for tax advantages.... gift or loan
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177726 Points)
Replied 20 May 2017
Gift of & above Rs.50,000/- taxable; while loan should be repayable!!!
chirag
(ca final...)
(95 Points)
Replied 20 May 2017
If I taken loan from my frnd wich is nri....now what kind of proof will retain for loan repayment
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 20 May 2017
Loan is not a part of income because loan should be repay.
Gift is a part of income so this is subject to tax if received from friend more than Rs. 50,000/-
Recent Topics
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
CAclubindia
