TDS on foreign Loan (Personal)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2011 I borrowed some funds from my relatives in UK and USA. The funds were remitted into my personal account. Now I want to repay the loan. I am not going to pay any interest on the loan.
Is there any TDS on repayment of principal amount of the loan?

CA Navin Jain

CA Navin Jain (Expert)
Follow

25 April 2011 tds is not applicable,

Message likes : 1 times

Kamal Kothari

Kamal Kothari (Expert)
Follow

25 April 2011 TDS is applicable only on interest and not on repayment of principal amount.

CA SAURABH GARG

CA SAURABH GARG (Expert)
Follow

05 May 2011 TDS provision will not applicable because you are not paying any income outside India.

More over this is capital nature transaction not revenue nature.