Is personal loan taxable?


Sir, My friend bought a personal loan of 30 laks from a relative for doing business. Whether it is taxable? Whether it should be included in his income?
 
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It shud be included but it is not taxable consult tax practitioner.
 
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Personal loan from the banks or financial institutions are not included in the income of the loan receiver, but since your friend has taken loan from an individual, so it will be his income, subjected to income tax.
 
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Thank you so much Sir
 
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