Us taxation
This query is : Resolved
12 November 2017
Hi
Kindly help me out with the below situation
My client is a director of a Indian company and foreign company under the same group (Two separate legal entities). he is a US green card holder. He has provided some unsecured loan to the indian entity in the prior years. Now if he is repaid will it attract tax in US. In US he being a green card holder his global income is taxable. Also it is on cash basis.
Kindly help me out with the below situation
My client is a director of a Indian company and foreign company under the same group (Two separate legal entities). he is a US green card holder. He has provided some unsecured loan to the indian entity in the prior years. Now if he is repaid will it attract tax in US. In US he being a green card holder his global income is taxable. Also it is on cash basis.
Amol S Joglekar
(Expert)
13 November 2017
the repayment of loan is not taxable.
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