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Receiving money from friend as repayment of educational expenses

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Chandra Meghraj

Chandra Meghraj (Querist)
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25 October 2023 Paid for friends education and travel expenses in early 90s, now the person wants to repay the amount.

How to account this while filing income tax?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 October 2023 Recive it through banking channel.
How much is the amount.

Chandra Meghraj

Chandra Meghraj (Querist)
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26 October 2023 I spent about 10 lakhs for the person

Chandra Meghraj

Chandra Meghraj (Querist)
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26 October 2023 Person is planning to pay 20L, current value with indexation is 5593000.
How to account this while filing income tax returns?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 October 2023 Consider 10 lacs as repayment of loan and balance 10 lacs as gift from friend. Tax payable on such gift.

Chandra Meghraj

Chandra Meghraj (Querist)
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26 October 2023 Thanks for your guidance.

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