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Borrowed money consider as loan or income
Is it borrowed money in cash from friend considered as Loan or Income in ITR.? If Income then do we have pay tax on it?
Replies (4)
Whether that is received through cheque?? Borrowed money is not ur income.... Ur liability to pay later... Show as unsecured loan
Thanks for your prompt reply.
Borrowed money received in CASH will be considered as Loan. But you will be liable to pay tax equal to the amount of loan taken in CASH.
269ST applicable only in case of loan amount exceeding Rs. 2 lakh in cash
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