Dear Gurus,
In Financial year 2015 - 2016 i have received a sum of Rs 10.00 Lakhs from my own sister (non-refundable) and Rs 6.00 Lakh from my friend ( refundable without interest at my convienient time). Shall i disclose the above amount in my Income tax. If so under which categeory. Exempted Income or some other specify Please.
Financial transaction via bank through RTGS.
Regards
Dr.Raja.
Raja
amount received from your sister will be gift for you since it is non refundable & it is not taxable as per IT act - needs to be projected as add to your income under IFOS then claim exemption as per sec56
amount received from your friend needs to be accounted in your books as loan since it is refundable & it does not form part of your income at all
CAclubindia
