Income tax on the hand loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2012 My brother wants to pay me 13 lakhs. This amount was given to him for over a period of 12 years (@ 10,000/-per month) to help him due to unemployment problem. I am not charging any interest. He is repaying me only the principal amount. If I accept it and put in my account, whether it attracts income tax

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 July 2012 Since this is a REPAYMENT of loan and DOES NOT include any interest, it will NOT attract any tax liability.

However, you must be able to substantiate the same. The loan given should have been through cheque, otherwise you will face problems.

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2012 Thank you very much sir

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 July 2012 You are welcome. You should use the thanks button to convey your thanks.

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