Hi i am going to apply for Singapore visa and for that i need to show minimum $30000 balance in my account that is around 15 lakh in indian rupees. I took 8 lakh from Australian citizen friend and rest amount from Indian friend who live in Rajasthan. as now my account balance is more than is 10 lakh so will IT department will ask from where the fund came and also do i need to give any tax for that amount. both loan conversation with friend is on watts app not on email. Please advise is there any worry thing about this ?
Dear Sir,
Please let us know the whether you are going to pay any interest on these loan and further I am assuming you have received this loan via bank transfer or via cheque.
There is no problem in receiving the loan, for your documentation purpose you can mail WhatsApp conversation to yourself and keep it with you.
Please feel free to revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.com
Hello Sir,
Loan will not be considered as income if the documentation has properly been done. if it is bank to bank transfer through an account payee cheque / NEFT.
Thanks and regards
Sachin Sinha
9891315840
Hi,
Loan taken is not in the nature of income and hence it is not taxable. But if you do not return the amount to your friends it will be treated as gift. And gift of more than Rs 50000/- from non relatives is taxable under the income tax act. You could take an email or written confirmation from your friends as a proof for future reference purposes. It is always advisable to have the same in order to avoid litigations.
Thanks & Regards,
Ria Nagpal
No they will not ask for the same as you have not deposited cash in your account. Deposit more than 10 lakhs cash in Savings account attracts notice from department.
nothing to worry about,
as the money has been deposited in the bank from the bank accounts of your friends, intention of the money deposited was to give you short term loan.
ya , income tax authority will get the notification of such deposit under AIR.
you can explain to the tax authority that it is not gift from friend but a interest free loan which you have full intentions to repay within certain time frame.
otherwise you can draft a contract of loan and get it signed with witnessed.
Hello SIr,
You need worry about the Income Tax but it is advisable to get a proper documentation done stating that you have received a Loan from your friends amounting to Rs. xxx, which will be returned back.
Off the record : Singapore Visa does not ask for minimum balance, atleast Tourist Visa does not.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
