Personal loan is my income
This query is : Resolved
02 August 2013
Could someone advise the personal loan is my income for the particular financial year as I am paying back to them with interest.
02 August 2013
Loan is not income, it is a liability.
02 August 2013
Thank you so much for your confirmation.
02 August 2013
since loan is also capital amount to be repaid it is not income as per def of income u/s 2(24) of income tax.
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