Plz expert reply my query
My nri frnd give me cheque from indian nro account.now i want to know tax implication on transfer on both party
Plz expert reply my query
My nri frnd give me cheque from indian nro account.now i want to know tax implication on transfer on both party
Cheque for what? Gift? Loan? Payment?
Your question is not clear. You have to inform first the reason of payment?
Gift of & above Rs.50,000/- taxable; while loan should be repayable!!!
Loan is not a part of income because loan should be repay.
Gift is a part of income so this is subject to tax if received from friend more than Rs. 50,000/-
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