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
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Tax imlication
Replies (6)
Cheque for what? Gift? Loan? Payment?
Your question is not clear. You have to inform first the reason of payment?
Which is benefial for tax advantages.... gift or loan
Gift of & above Rs.50,000/- taxable; while loan should be repayable!!!
If I taken loan from my frnd wich is nri....now what kind of proof will retain for loan repayment
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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