Hi My father is farmer . He has lended some saving to his friend in cash few years ago. Now his friend want to return by transferring online in account. Should he worry about income tax?
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 09 August 2018
It depends on the size of the account you maintain and the quantum of money being deposited on account of return of loan.
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 09 August 2018
| Originally posted by : Trivender Ghangas | ||
 |
It should be around 5 lakhs I guess. |  |
No need to worry the Return Amount from his friend as Bank Payment..
Check Out these Point ;
Is Your Father have any evidence for the Cash Payments as Loan,....?!
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 09 August 2018
Amount seems minimal, however, make sure that you have evidences of earning the Agricultural Income and proof of payment to borrower.
Triven
(Software)
(18 Points)
Replied 09 August 2018
CAclubindia
