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Mihir

Mihir Tanna  |1054 Answers  |Ask -

Tax Expert - Answered on Nov 02, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Aug 29, 2023Hindi
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I work on H1B visa in US, working since last 1 year, I am not paying any tax in india. What is the recommended way to transfer money to India accounts. I have taken loan/borrowed around 25 lacs cash/transfers from 2 friends for buying home and for my parents' medical reasons. I want to pay them back. I requested them to share bank accounts, so that I can directly remit dollars into their account, for which they are hesitating from tax perspective. Instead, they are insisting to get USD into my India bank account, and they want rupees to be transferred from my India account to their account. In such cases, what is legal way to send money to India accounts.

Ans: Loan repayment without taking any tax advantage/tax evasion and with proper legal compliance is legal. Hesitation might be to avoid any inquiry from Income Tax.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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