I get a personal loan this year. I have to add that amount with my income or not. How to show the loan in ITR.
Dmohansrj
(Accounts Executive)
(82 Points)
Replied 24 February 2009
I get a personal loan this year. I have to add that amount with my income or not. How to show the loan in ITR.
Dmohansrj
(Accounts Executive)
(82 Points)
Replied 24 February 2009
Last year i purchase some shares on 25 march 2007. I sold that shares on Jan 2008. I got loss in that transaction. How to show this transaction in two financial years. Please advise
Dmohansrj
(Accounts Executive)
(82 Points)
Replied 10 March 2009
I have got a refund from IT department for Ass Year 2007-2008. Is this amount to be added to my income or not.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 11 March 2009
hi dmohansrj, as per the income tax refund is concerned, it is not income as per income tax act, but the interest you get with refund is your income and chargeable to tax under the head income from other sources.
so, interest on income tax refund is income but income tax refund is itself not a income.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 11 March 2009
no entry is to be made in previous year 2007 as there is no loss/profit and no effect on income, but in previous year 2008, the loss (short-term capital loss) is to be disclosed in ITR Return with its descripttion as to amount and dates.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 11 March 2009
the amount of loan you took is not your income, it's your liability also and the loan amount you received is to be shown as liability in the balance sheet of the respected previous year.
Dmohansrj
(Accounts Executive)
(82 Points)
Replied 11 March 2009
Thanks Love Arora for your valuable answer.
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