Nri taxation and loan recoverd through cash
This query is : Resolved
03 February 2019
Mr.X (NRI as of 2018) introduced Ms.Y to Mr.Z.
Ms.Y has taken loan from Mr.Z an amount of Rs.10 lakhs in year 2014 and fails to repay the loan amount.
In order to maintain goodwill, Mr.X repaid the loan amount on behalf of Ms.Y in installments (say Rs.150000 each)
Now, In 2018, Ms.Y repaid an amount of Rs.15 lakhs (including interest) to Mr.X by cash and the latter deposited the same in his mother"s account who is a non tax payer.
So, please consider the above case and do needful regarding tax consequence?
Let me know if you need more inputs.
NOTE:All transactions happened through cash.
THANKING YOU IN ADVANCE.
Ms.Y has taken loan from Mr.Z an amount of Rs.10 lakhs in year 2014 and fails to repay the loan amount.
In order to maintain goodwill, Mr.X repaid the loan amount on behalf of Ms.Y in installments (say Rs.150000 each)
Now, In 2018, Ms.Y repaid an amount of Rs.15 lakhs (including interest) to Mr.X by cash and the latter deposited the same in his mother"s account who is a non tax payer.
So, please consider the above case and do needful regarding tax consequence?
Let me know if you need more inputs.
NOTE:All transactions happened through cash.
THANKING YOU IN ADVANCE.
06 February 2019
100% penalty payable on cash payment exceeds 2 lavs under section 269ST.
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