Jay Narayan Singh (privet job) 21 January 2017
Dear Sir,
Normaly we help our friends or relatives by economicaly and after sometime they return that amount to us. Now I have a question regarding this.
1- Is this returned amount will count in our income ? ( if it will return in same financial year or next finecial year)
2- How this amount will show in tax declaration.
GANDHI MOHAN BHARATI (Pensioner) 22 January 2017
If you hae charged interest, you have to show the recipt as income, under the head "other Income", and add it toyour total income.
If it is a very small amount, you are not to be worried.
If it is a considerable amount, it is better to have a pronote, secifically stating that it is an interest free loan. A note is kept by the ax consultant as to how much was given and returned, year-wise. It will not comprise any income
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