Hello Everyone,
I had loaned 50k rs to a friend who has relocated to Middle East. He wants to return the money to me by directly depositing the foreign currency to my savings bank account.
I'm a resident Indian with a standard savings bank account.
He plans to deposit 4k rs for 12 months.
Will such transaction attract tax ?
What kind of tax will be applicable ?
Thanks and Regards,
Amol Kulkarni
CAclubindia
