I have a doubt

Tax queries 175 views 4 replies
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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?

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On 20 March 2019 at 21:39 Report
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Student
1623 Points Joined January 2019
Not taxable...
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On 20 March 2019 at 22:42
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practice as advocate
111 Points Joined January 2015
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.
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On 20 March 2019 at 23:00
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes... I agreed to Mr Radhey & Mr Aditya.,

Better to prepare any evidence...
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On 21 March 2019 at 05:21
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chartered accountant
792 Points Joined January 2013

not taxable     

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On 21 March 2019 at 19:02


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