One of my US based friend (not NRI or PIO, but proper American citizen) is willing to lend me some money for my business. I can repay him back as and when I can.
I want to know would be the taxability aspects in this.
Would be grateful if someone can guide me on this.
Thanks...
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Tax on money given by american friend
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Plz can anyone guide me on this?
Without a legal document supporting the fact that it is a loan and will be repaid, this money received will be taxable.
Hi Mihir,
What kind of legal documentation I need to do? What kind of documentation one can do when X person lends money to Y person?
Documentation for loan taken from banks is understandable... but is there any way / documentation to be done when a person takes loan from his friend?
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