2006-08-22 23:33:43 · 8 answers · asked by rakesh singh 2 in Business & Finance ➔ Taxes ➔ India
i am an indian citizen
2006-08-22 23:35:33 · update #1
Loans taken/obtained are not part of income and no income tax on that amount. But the person giving that loan to you must be able to explain the source of funds.(If asked by IT people). If the loan is small amount forget it. If you want to show the loan in your account it is better to take the amount through account payee cheque and return the same in same manner.
If you need further clarification or help, please contact me neswarareddy@yahoo.com (for Free advise).
2006-08-23 03:02:53 · answer #1 · answered by Anonymous · 5⤊ 0⤋
No, Loan taken from anybody is not a part of income and u need not to pay tax on that but u should disclose this in ur IT return that u have taken a loan from your friend and tell ur friend to disclose the same in his return that he has given a loan to u. so that u will be able to show the cash inflow for the reason u have take that loan. U can also consult a good tak consultant for the same for further clarification.
2006-08-22 23:44:21 · answer #2 · answered by Sandeep 1 · 0⤊ 0⤋
No loan taken from a friend is not taxable in income tax
Money taken is taxable if it is in the form of a gift
2006-08-23 01:41:44 · answer #3 · answered by apurav a 3 · 0⤊ 0⤋
Loans aren't income because you have to pay them back.
If you want to be sure, call the IRS.
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Call 1-800-829-1040
2006-08-22 23:42:27 · answer #4 · answered by alma 1 · 0⤊ 0⤋
no loans are not counted as income because technically you're paying the money back
2006-08-22 23:39:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if u will do bussiness from that money u will counted in income tax and if u make any thing from that money as gold or home u will not counted
2006-08-23 00:11:00 · answer #6 · answered by sahil 1 · 0⤊ 0⤋
As far as I know, Nope... Unless we're talking a LOT of money, in which case, the government gets involved...
In the states, the limit is about 10 grand...
2006-08-22 23:41:00 · answer #7 · answered by wolfmantex 2 · 0⤊ 0⤋
You will show this amount in your income tax return and your friend will also show this amount in his return.
2006-08-23 02:13:31 · answer #8 · answered by shariq 1 · 0⤊ 0⤋