Loan without interest
This query is : Resolved
29 April 2018
Dear Sirs,I am an NRI and I lent some money to my friend for his house construction without any interest. Money was transferred in installments from my NRE account through net banking.Now, my friend is going to return that money in single payment which will obviously be deposited in NRO account.I request expert here to advise me how I would show this in my income tax return filing since the returned money is mine only or there is no need to show in ITR.Thank you very much for your time and advise in advance.
29 April 2018
No need to show in ITR. But documents of this transactions should be kept for 6
years to substantiate the event if called upon by IT department on proper notice.
years to substantiate the event if called upon by IT department on proper notice.
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