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Taxability of receipts
I have received Rs5 lakhs from my friend which he returns as repayment of unrecorded loans taken since long back.Will it be treated as my taxable income.
Replies (2)
Yes. It will be treated as income as per income tax laws. Reason, as it has not been considered in the books, neither as income or otherwise earlier.
No, this money was earlier shown in itr.
repayment of that loan received is not considered as income.
repayment of that loan received is not considered as income.
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