CA Ankur Goel (sr. executive) (133 Points)
21 July 2011
A salaried person has to file ITR-1 to declare his income.
If he accepted any loan during the year, then there is no column in ITR-1 to declare it.
Whether there is any separate FORM in Income Tax Rules to declare this loan.
Plz provide info about this topic..........!
CA Mukul Mittal
(CA in practice)
(384 Points)
Replied 22 July 2011
it its not clear from ur post that what kind of loan u r talking about like home loan, personal loan etc......
CA Ankur Goel
(sr. executive)
(133 Points)
Replied 22 July 2011
Loan taken from father and it is interest free loan.
Assessee wants to show it in his return.
Loan is in personal nature.
Rishab
(A.C.A.)
(155 Points)
Replied 22 July 2011
As you have said that the Loan is of personal Nature, no need to show it in your Returns,
But preserve the documents and all its particulars.
CAclubindia
