Money Lent to Friends getting confused as foreign remittances

POSTED BY manu.kori@gmail.com ON January 4, 2014 8:53 am COMMENTS (2)

Hi

I have lend some money to friends as they return as form of money to my evaluated account, which when I withdraw to my bank account it appear as foreign remittances.  Since my total income is already taxed by my employer do money receive as foreign remittances which i got as reverse transaction attract some taxes the total amount of such transaction is over 10 lac in financial year. I have not earned even a single rupee on such transaction.

2 replies on this article “Money Lent to Friends getting confused as foreign remittances”

  1. ashalanshu says:

    Dear Manu, if you can prove that it’s return of your originally given money to your friends, you need not to worry.

    Thanks

    Ashal

  2. Hmm .. actually I dont have much understanding of this thing , but still i feel that if the reverse money comes from the “same bank account” to which you transferred, it would be safe. else the liability to prove is on you that its just the reverse back transaction .

    Manish

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