EXPERTS HELP ME OUT
This query is : Resolved
23 May 2009
SUPPOSE I RESIDE IN UK ,I LENT 5 LAKHS TO MY FRIEND WHO STAYS IN US AND HE INVESTES THE MONEY IN INDIA a) OTHER THAN BUSINESSb)BUSINESS. HE PAID ME INTEREST FROM INDIA IN P.Y.06-07 &IN P.Y 07-08 HE CAME TO UK AND GAVE ME INTEREST .TAX IMPLICATIONS ON SUCH INTEREST IN MY HANDS
CA.BHARAT BHUSHAN
(Expert)
23 May 2009
If you are Non-Resident U/s 6 of Income Tax Act, your Tax liability will be NIL
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