Funds received from abroad

Querist : Anonymous (Querist) 04 July 2011 This query is : Resolved
hello,
I recently bought a house in NOIDA. My self my wife and my brother are co honours of the house.

My brother stays in australia and he has transferred 10 lakhs to my account to do the down payment.

I have also received Rs 7 lakh 61 thousand from my french friends in order to pay the intial amount to book the house.

He has transferred the amount to my ICICI bank. which is not my salary bank account.

I will slowly return the money to my French friend. Please suggest about the tax part.

Thanks and regards

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Amit Soni (Expert) 05 July 2011
There is no tax on the amount take as loan. In your transaction you have to maintain a separate NRE account of your brother.

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