Suppose, One individual has taken loan from LICI for his marriage purpose. After his marriage, some unused amount was lying his account which he has repaid to LICI during the financial year 2012-13. My question is, what will be the tax treatment under the Income Tax Act, 1961?
Thanks inadvance
As it is a personal loan, there will be no tax implication.
It is not your income. You borrowed some money from LIC at an interest, and repaid back. No tax.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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