Hi , I have a case where my brother from singapore will be transferring around 40 laks to me in Mumbai for my personal use as Loan . I will return the money to him slowly in couple of years time .
Kindly advise if this should be done as a single transfer of multiple transfer . Will i be still taxed on this amount at the end of the year ?
rgds/Shivaji
Thanks but do i need to show some expense in thr whole year against that money ? Wouldnt IT ask questions on money coming in from singapore into my account ?
Rgds/shivaji
No i am not a businessman but a working individual .
CAclubindia
