Borrowed money consider as loan or income

28 May 2018

Is it borrowed money in cash from friend considered as Loan or Income in ITR.? If Income then do we have pay tax on it?

Reply
Follow
Share

4 Replies

Divakar (Student CA Final ) (11857 Points)
Replied 28 May 2018

Whether that is received through cheque?? Borrowed money is not ur income.... Ur liability to pay later... Show as unsecured loan

Dinesh Goyal (11 Points)
Replied 28 May 2018

Thanks for your prompt reply.

Kalpesh (Chartered Accountant) (349 Points)
Replied 28 May 2018

Borrowed money received in CASH will be considered as Loan. But you will be liable to pay tax equal to the amount of loan taken in CASH.

Divakar (Student CA Final ) (11857 Points)
Replied 28 May 2018

269ST applicable only in case of loan amount exceeding Rs. 2 lakh in cash

Start a New Discussion