Father residing in India wants to repay loan a sum of Rs. 50 lacs to his son (Non-resident) who is residing in USA, the said loan was received by the father in India in US Currency from his son.
will it be taxable in the hands of son in USA at the time of receipt of the original loan advanced few years back?
or is it exempt from tax in USA?
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Tax on foreign remittance - repayment of loan
Replies (1)
"is it exempt from tax in USA?"
Better to consult some USA tax websites......... or (local) tax consultant.
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