Tax on money given by american friend

Jay Patel (b) (65 Points)

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...