Gain received on personal loan due to forex fluctuation is capital receipt not liable to tax: ITAT

INCOME TAX: Where loan was given by assessee to his cousin in Singapore under Liberalized Remittance Scheme issued by Reserve Bank of India in US Dollars, and amount received back was also in US Dollars, gain received by assessee owing to foreign exchange fluctuation was in nature of capital receipt and hence not taxable in hands of assesseeINCOME TAX: Where loan was given by assessee to his cousin in Singapore under Liberalized Remittance Scheme issued by Reserve Bank of India in US Dollars, and amount received back was also in US Dollars, gain received by assessee owing to foreign exchange fluctuation was in nature of capital receipt and hence not taxable in hands of assesseewww.taxmann.com Latest Case LawsRead More

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