I had given 1.5 lacs as interest free loan to a friend in his bank account (as he was purchasing a land) in Dec'22....but I forgot to disclose the same in ITR-2 (as my income is above 50 lacs).
He had returned money back to me in July'23 in below form:
1. He purchased a mobile for me worth 50 thousands
2. He made a payment of 1 lacs to someone on my behalf
My question is that Since I had not disclosed this interest free loan given to my friend in my ITR. Will there be any issue in future?
CAclubindia
