Pls help at the earliest
This query is : Resolved
13 April 2015
one of my client is going to get some money (approx rs.10lacs) transferred from his friend's overseas bank a/c..dis amount was taken by his friend as a loan some years back..and this amount will also be withdrawn by my client in 2days approx. my client also does not file ITR as his income is not taxable..my question is will there be any query raised by any authorities like income tax dept or any other relating to this transaction relating to taxability issue or any thing??
13 April 2015
Don't worry about it. Since you have the proof of the transaction, you need not worry. If your friend's income is above basic exemption limit without considering Chapter VI-A deduction(read sec 139(1)), then he need not file. But the onus will be on your friend to prove that the transactions are loan transactions only.
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