Loan received from abroad

This query is : Resolved

Ashim kr Ray (Querist)
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09 December 2022 Sir,

A person has done business while he is in russia , with his partner . As he return to india after closure of his business ,his partner is returning 50k euro which is near about 50lac in india.

Can he take the money ,he has no ITR return neither in abroad or in india .
Please suggest what to do.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 December 2022 If he had done business in partnership, he should have paid tax over it. He cannot deny for any tax liability in either state.
Just getting Rs. 50 lakhs without any evidence, would be considered as gift and be liable for tax as per slab rate, provided he declares the amount in relevant ITR.

CA Punit

CA Punit (Expert)
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11 December 2022 Although not much sure, but this would be considered as repatriation. Should not be taxable in India if he was NRI in the previous years.

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