Hi Experts..Please help me out in this. I have borrowed money from my relative( my father's sister) to repay the home loan. I am an employee of a registered company, so apart from filing the usual ITR, do I have to include this borrowed money as my income? Is there a way to exempt this money from income tax.No amount was lended or received by cash. It was carried out as banking transaction. Also, I am repaying the amount to my relative partially in parts(again banking transaction and not in cash). Let me know if I am supposed to declare the borrowed amount seperately to income tax dept? If yes, then what is the procedure of doing this?
Thanks in advance for all your great help!!
CAclubindia
