Transfer of loan amount from foreign bank to indian bank...

hey friends, i want to know that my brother is working at UK & he is taking a loan from a bank amonting 12 lacs and transfering that loan amount to my bank.. its a personal loan... is there any TAX liability in this case ??

ITR is not filed in any previous year..

Replies (1)

The amount which your brother is remmiting/transferring you is loan to you or a gift?

In either case there is no taxability, as gift to relatives is exempt and loan is not an income hence no tax

There is limit for receiving foreign money

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