Income from foreign
This query is : Resolved
10 March 2012
I have received RS.5,00,000/- from one of my foreign friend.
is there any legal obligation for tax?
is there any legal obligation for tax?
10 March 2012
If the amount has been receied as gift, then the entire amount is taxable in your hands u/s 56(2)(vii).
10 April 2012
it is not received as gift. i have return it after 3 months.
now what will be the obligation?
now what will be the obligation?
12 April 2012
Then it is a loan. There is nop tax implication in this case. However, you should have received the amount otherwise than in cash.
Also, ensure that your friend is able to substantiate the source of giving such loan.
Further, repayment should be through bank.
Also, ensure that your friend is able to substantiate the source of giving such loan.
Further, repayment should be through bank.
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