Tax on money received from siblings

If my brother returns the money from his sanctioned loan, will that money be added to my income ?

A loan is never an income, regardless of who you got it from.

And whenever you're repaid, as far as your accounts are concerned, it doesn't matter where your brother (or anyone else) got the money from to pay you back. As long as the amount you got back is the same or less than what you lent there's nothing to worry about.

And in case you're not sure of the amounts, you can simply give the money as a gift and then you get it back as a gift. No tax implications on gifts between brothers.

The money received from your brother will not be taxable in your hands.

Originally posted by : sabyasachi mukherjee
	You cannot use others loan to pay off your Lan.

What nonsense!

Yes,you can use your brother's loan to pay your personal loan...It is not an income...And income tax would be levied on Income...Hence.it is not taxable