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Tax liability

Tax queries 142 views 3 replies
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TAXPAYER
21 Points Posted on 01 March 2020

Do i need to pay tax when i receive lended money.

In 2014, i lended some money to my cousin by cheque. Now in 2020 i am about to receive money back by cheque/online transfer.

So do i need to pay tax on money received back in 2020?

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On 01 March 2020 at 15:08 Report
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11 Points Posted on 01 March 2020
No... But whatever the interest is taken beyond the principle amount.... That interest amount will be taxable.
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On 01 March 2020 at 17:09
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CFO- at NHTF
58280 Points Posted on 01 March 2020
Didn't you receive interest on it?

If not then there is no tax on the money received back .Income Tax will be on the Income.If there is no income then there is no income tax
59 Reply
On 01 March 2020 at 18:28
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17264 Points Posted on 02 March 2020
If it's a big amount then questions may arise if it's interest free loan
101 Reply
On 02 March 2020 at 00:46


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