Home |Tax returns filing | I am an NRI. I had sent INR 66 lakh to my sister 3 years ago. How can she repay me so that I don’t have to pay a tax on the amount received?

I am an NRI. I had sent INR 66 lakh to my sister 3 years ago. How can she repay me so that I don’t have to pay a tax on the amount received?

Prabhakar
Answered on February 07,2020

It appears that your sister is based out of India and is returning a loan she took from you. This payback is not a gift for the purpose of income tax. She may or may not be paying interest to you, depending upon what has been agreed upon. Receipt of just the loan amount extended without interest would not give rise to any income in your hands in India. However, if she repays it with interest, you will have to offer the interest income to tax in India under the head “income from other sources". Since you are a resident of another country, you do consider local tax implications on such receipt, with or without interest.

Related Questions

Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on May 10,2021

My son is an NRI and his tenant has to deduct TDS (Tax Deducted at Source) every month and deposit in the bank. After every quarter, he has to submit Form 27A and 27Q online and then generate Form 16A. Is it possible that I deposit TDS amount as advance tax every month in the bank?
As per Income Tax Act, TDS has to be deducted under sec 195 of the Act in these type ...

2 0 418
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on November 24,2020

I am a senior citizen and the length of income tax return form 2 or ITR 2 is worrying. Is it necessary for a Non-Resident Indian (NRI) to fill the Schedule of FSI, tax relief (TR), Foreign Assets (FA)?
If its not applicable to you, leave that. You have to give your ID number issued by the Country ...

2 0 258
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on November 22,2020

I am a non-resident Indian (NRI). I do (Systematic Investment Plan)SIPs in six equity mutual fund schemes that amount to INR1.8 lakh a month. I do not have any income in India and every year I get refund for tax deducted at source (TDS) of debt funds. I would like to churn my portfolio (units that have completed 1 year) every year before 31 March and reinvest the amount in same plan before 31 March. Will long-term capital gain tax (LTCG) tax reflect on my 26AS certificate? Can I claim refund as I do not have any income in India?
Since you are an NRI and investments had made as the capacity of NRI, TDS will be deducted on ...

2 0 481
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on March 13,2021

I am an Indian resident. Can I ask the US firm to deposit the money directly into my India bank account? What will be the interest rates paid to me by the banks in India? Will the US firm be expected to deduct TDS and remit to income-tax department in India and give me proof of such deposit in Form 16. Will I need to charge Goods and Services Tax, (GST) on the earnings and remit to government?
If you are working as a consultant of US company you have to take registration under GST Act. Form ...

2 0 1238
Thankachan John

Rtd Motor Vehicles Inspector, Insurance Surveyor and Accident Investigator . Answered on May 12,2021

What is the road tax amount for yellow board vehicle while purchasing?
It depends upon the seating capacity, floor area etc.

1 0 103
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on March 02,2021

How to do ITR filing on Capital Gains, both Short Term and Long Term ?
File ITR 2.The form is little complicated; you have to know the basics of income tax act wrt to ...

1 0 69
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on December 06,2020

Is GST registration compulsory for startups with no revenue ?
Not compulsory. If you are in service sector upto Rs.20 lakhs turnover GST registration is not mandatory. And in ...

1 0 356
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on December 10,2020

How can I verify a GST bill as real or fake ?How I can verify a GST bill? Is it real or fake? Is it necessary to print the GST registration number on the bill ?
It is mandatory to show the GST registration number on every bill issued by a registered person. You can ...

1 13 257
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on December 05,2020

Do we need a CA to file a monthly GST return or Can I do it myself ?
It depends on the complexity of your business. If it is NIL return, you can file. But if there ...

2 65 1299
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on December 04,2020

How do I change a trade name in the GST portal where I am already registered ?
You have to amend your GST Registration data for this. Trade Name is core field. After amending the trade ...

1 78 1557
Indian Highways Management Company Limited

Answered on February 11,2021

What is the difference between fast tag balance and wallet balance because my fastag balance is 300 and wallet balance is nil. So can I pay toll tax in my fastag ?
Yes you can pay your toll through your fastag. Wallet balance is basically your account balance and fastag has ...

2 722 20062
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on December 22,2020

My uncle has got a message from IT department for High value transactions. What action to be taken for this ?
You have to give a response on Income Tax efiling site showing the source and reasons for that high ...

1 0 165
Subin VR

Chartered Accountant,FCA, DISA (ICAI) . Answered on December 25,2020

I want professional tax certificate for my firm. How to apply and where?
Professional Tax is levied by local authorities. Your firm can give a certificate based on the tax paid to ...

1 0 35