Right procedure to take loan from friend

erdeep (engineer) (309 Points)

13 June 2015  

Respected experts ,

I requested to one of my best friend to lend me some money approx 1.5 lacs i will return it in monthly basis in installments ( interest free ) . He is not interested to take any extra amount .

If he transfer that amount in my saving bank account then will IT officer consider as my income and will affect my itr at the end of year or it will not be the part of my income ?