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Receiving money from friend as repayment of educational expenses

This query is : Resolved 
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(Querist)
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?
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CA R SEETHARAMAN

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

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

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

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

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