Loan amount from relatives

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410 Points Posted on 04 September 2021
one pension who take some loan from his relatives through bank transfer and send amount to his son at abroad but he return the whole amount to his relatives through bank transfer. he file itr 1 till ay 20-21, which ITR form file by person, is this mandatory to show the loan amount in his return.
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On 04 September 2021 at 21:27 Report
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This discussion clarifies whether a loan received from relatives via bank transfer needs to be declared in an ITR-1 return. The consensus is that if the loan was taken and subsequently repaid in full through bank transfers, it is not mandatory to show this loan amount in the tax return. This applies to individuals who have been filing ITR-1 up to AY 20-21.

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Chartered Accountant
24588 Points Posted on 05 September 2021
Not required
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On 05 September 2021 at 08:01
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410 Points Posted on 05 September 2021
Thanks sir
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On 05 September 2021 at 10:48
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Chartered Accountant
24588 Points Posted on 06 September 2021
Your welcome
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On 06 September 2021 at 06:14

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