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Income tax SMS for borrowed money

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Kalyan chauhan

21 Points Posted on 28 December 2022

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

Replies (2)

Quick Summary

A user received an SMS prompting them to file an Income Tax Return (ITR) after borrowing £3 lakhs from a friend to build a room. Despite their income being below the £2.5 lakh threshold, they are concerned about tax implications on the borrowed amount. Advice suggests this might not necessitate an ITR filing and could potentially be handled via AIS.