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Personal loan is my income

This query is : Resolved 
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(Querist)
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.
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
02 August 2013 Loan is not income, it is a liability.
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Sitaram Kommajoshyula

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Sitaram Kommajoshyula (Querist)
02 August 2013 Thank you so much for your confirmation.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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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