Hi,
Last year I borrowed 3 lakhs from my friend to make one room in house.
He gave me checks of 1.5 lakh each.
When I went to bank, I wrote my name on check. The bank employee asked me to write PAN number on back side of check.
Now, I got SMS that I need to file ITR.
My income last year was below: 2.5 lakhs
Do I need to pay tax for the 3 lakhs I borrowed from my friend?
Kindly, advice.
thanks
CAclubindia
