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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Tax liability
Replies (3)
Quick Summary
No... But whatever the interest is taken beyond the principle amount.... That interest amount will be taxable.
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
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
If it's a big amount then questions may arise if it's interest free loan
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