Income from foreign

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bhavesh goswami

bhavesh goswami (Querist)
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10 March 2012 I have received RS.5,00,000/- from one of my foreign friend.

is there any legal obligation for tax?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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).

bhavesh goswami

bhavesh goswami (Querist)
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10 April 2012 it is not received as gift. i have return it after 3 months.
now what will be the obligation?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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