Receiving money from friend as repayment of educational expenses
This query is : Resolved
Quick Summary
Chandra Meghraj
(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?
How to account this while filing income tax?
CA R SEETHARAMAN
(Expert)
25 October 2023
Recive it through banking channel.
How much is the amount.
How much is the amount.
Chandra Meghraj
(Querist)
26 October 2023
I spent about 10 lakhs for the person
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?
How to account this while filing income tax returns?
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.
Chandra Meghraj
(Querist)
26 October 2023
Thanks for your guidance.
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