Hello All,
I am an NRI staying in the United States. I recently bought a Camera worth Rs 45000 fro my friend here in the US and send it with a relative. My friend want a receipt for the payment he will make to my father for the Camera. He is demanding a receipt for the Cash payment. What kind of receipt do I have to provide him? If he deposits a cheque on my name to my a/c in India would I be liable to pay tax on the sum?
Thanks
Ayan
No, according to me you will not be liable to pay any income tax on such deposit because for charging any amount to tax, that amount should be reduced by expenses incurred in relation to such amount.
In your circumstances it does not seems to be the case and hence it will not be taxable.
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