I need to transfer 20lakhs rupees to my friend from my NRE account to his personal current account, is there any tax obligations for the sender or recipient of the money transferred?

Divya Prakash

13 Dec 2021

I work for a company and along with that I have business also. In that business I have incurred some losses. Can I get some tax relaxation over my income tax liability of amount loss I have incurred? If yes then how much relaxed I can avail? Thanks.

Replies (3)

CA Hunny Badlani 14 Dec 2021

Hello,

You can declare and claim loss from business and it will set off from your other sources income(other than salary) in the current year or can be carried forward for set off from future business or other sources income.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.

Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5

CA Rahul Dwivedi 14 Dec 2021

Dear Divya,
Please not Business loss can't be set of against salary income. It means you have to pay Tax on salary income as per slab. However you can carry forwards your business loss & It can be adjusted (Set off) against business income in future.
For Further Consultation you can reach me on ca.rahuldwivedi@gmail.com or 9004485377

CA Puja Sharma 14 Dec 2021

Divya ji you can take the benefit of the business loss in future assessment years to be set off with your business profits. However in the current year you can only set off the business loss with other sources. No such set-off is allowed with salary income.

T&C apply

B M

13 Dec 2021

I am a non resident indian. I have received compensation for land acquisition from NHAI in my NRO account. Can i transfer the funds received to my NRE account.