If money was lent to a person some years back and payment received now, will this be shown as income or can it get exempted under which heading for IT return.
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Loan money
Replies (3)
HI
If the money given is returned it is in form of advance or loan. So it wont be income .
If any interest received along with the money lent ( Ex given 10000, later received back 11000 1000 rs will be interest income to be charged under Income under Other soures as Interest income.
If only money given back is not an income its only loan. But there should be some evidence for amount given and amount taken back to the other person other wise it will be considered as Income
Example such transaction is TDS deducted later received as refund
You cannot show TDS deducted as income only the interest received on such TDS at the time of refund is charged in IT Returns
agree with above explanations
lucidly explained by Mr. Abhiram.
It will not be considered as income. But if any interest is received on such loan then it will be income under head other sources..
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