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Loan taken from friend

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13 November 2021 if someone has taken a loan of rs 10 lakh from friend and later on he is failed to give him this amount . what is the treatment under income tax . is this loan amount treated as income for him . pls clarify
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 November 2021 YES. In the year of writing off the loan amount, it will be taxed u/h. IFOS.

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