kavita raheja 28 November 2020
I have received money from my friend who lives in abroad as loan and that amount I'm going to repay in near future without intrest through Western Union txn ... What is the tax implications under income tax I have received money in 3-4 instalments .... Is I have to pay tax on amount received and is there any amount as TDS will be deducted or paid on behalf on Western Union ??
ayusmita (Tax consultant) 29 November 2020
As I don't know the country name I giving you example of us dollars if the gift amount exceeds usdollar 14000 your friend will pay the gift tax in US and you will pay the income tax on the excess amount above rs 50000
regarding western union they are exempted from paying tax in india
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