Hi, a person 'X' took Rs. 30,000 from one of his friends and Rs. 30,000 from another of his friends in F.Y 14-15 as interest free loan. But another friend of 'X' asked him for a interest free loan from him because he was in need of money, so he gave him Rs. 46,000 in F.Y 14-15 itself. 'X' left his job in 14-15. His friends asked for their money back in F.Y 15-16. 'X' asked for his money back from the friend he lent Rs. 46,000, but he was only able to return Rs.30000. So, 'X' took Rs. 30000 from his parents. In this way he paid his friends back. His other friend returned him the rest of amount (Rs. 16,000) in F.Y 16-17. My question is whether 'X' was liable to pay any tax due these transactions? Thank you.
CAclubindia
