I have recently purchased a 2bhk ready to move flat for which I have borrowed 4 lakhs rupees from market which I have credited them in mine salary Account to fill up the
margin money requirement of the the bank and now I am returning them slowly slowly from mine salary account only so I want to ask will than huge amount of turnover will effect mine tax liability i.e. amount borrowed in credit and playing them slowly slowly from relatives and friend would be added as a income for that particular financial year or not please guide.
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Housing loan
Replies (3)
since u have already paid tax on the loan amount as per salary slab so no tax liability arises as now.
But if u r not giving interest or not deducted TDS then AO can assess this as Gift u/s 56(2)(x)
But if u r not giving interest or not deducted TDS then AO can assess this as Gift u/s 56(2)(x)
Check the limits for loan per individual and interest thereon and keep proper books of account so that you can state that its not you income but loan taken
it's fine but mine question is will that loan amount would be treated as mine income or not? please explain with refer to section of income tax act
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