Hi frnds, I am a salaried person, My Net salary per month Rs.55,000 get received in my bank account (Savings a/c). And i am received amount Rs.50,000 per month from my friend (some personal purpose i.e. Loan repayment) in same bank account. Now in this situation Can I have declared income in ITR form, my Salary income only? Will there be face any problem of avoiding if other income?
In Your Issue there is two situations:- 1. Salary Income 2. Amount received as loan repayment in first situation u just have to show your salary income in your ITR alongwith Interest earned by you on your bank deposits. In Second Situation u don't have to show this amount as your income if u have given loan to your friend by Cheque or any other online mode.
You must show salary and other income in Itr and no require to show the loan transactions in income tax return and if you have interest income from loan . you can shown in income tax return
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