Repaid a loan in cash of

Ritik Chopra (student) (8123 Points)

05 May 2021  

Mr. Naveen is an employee working in a public sector company. He repaid a loan in cash of ` 24,000 (including interest of ` 5,000), which he took from his friend for higher studies. What will be the consequence of the said transaction for A.Y. 2021-22?