Personal Finance & Money Asked on April 19, 2021
One NRI took loan from me (also NRI) in Saudi Arabia, but about 2 months ago left for good to India.
Now he has no option but to pay me in India, this money that he will transfer to my account may look like income to authorities and taxed. What is the procedure to solve this? The amount is 60,000 riyals (16,000 USD).
Best is have him transfer to your Saudi account. Alternatively there would be quite a bit of paper work to establish this as loan and not Income in India. A CA can guide you.
Answered by Dheer on April 19, 2021
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