I have a doubt

205 views 4 replies

A person X saves 5 lakhs after paying all taxes in a 2018 - 2019 financial year

Now the person X gives a temporary loan of 1 lakh to person Y without any liability or interest.

The person Y pays back the 1 lakh to Person X in 2019 to 2020 financial year

Does the 1 lakh become a taxable income again for Person X in the 2019 - 2020 financial year?

Replies (4)
Not taxable...
no it is not taxable in the hands of X but both the parties have to made an affidavit that the first party gave 1 lakh RS loan to second party and after a specific time period second party return the same amount without any interest.
Yes... I agreed to Mr Radhey & Mr Aditya.,

Better to prepare any evidence...

not taxable     

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details