Loan from an nri
This query is : Resolved
21 December 2016
Hi,
what all can be the impact of amount nearly 1.00 cr is recd from an NRI (Foreign NAtional)
NOT a Blood Relation
what can be the impact of taxes ? & also can that be shown as loan from foreign national to save tax ??
please guide
what all can be the impact of amount nearly 1.00 cr is recd from an NRI (Foreign NAtional)
NOT a Blood Relation
what can be the impact of taxes ? & also can that be shown as loan from foreign national to save tax ??
please guide
21 December 2016
The amount is fully taxable, if not received from any relative. U may visit the following link for definition of gift:-
https://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
Better not to treat as loan, coz TDS compliances will arise for interest payment on that loan.
https://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
Better not to treat as loan, coz TDS compliances will arise for interest payment on that loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
