income tax

Shakir Najfi (Querist) 31 December 2017 This query is : Resolved
Sir
If I take non secured load from 1. friends
2. blood relations, is there any tax liability and what papers/ formalities I need to keep ready. Do I need to mention them in tax return. I'm an officer in ESIC (central government).

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Guest (Expert) 31 December 2017
Have not you filed any IT Return so far?

Dr J C Vashista (Expert) 01 January 2018
What can be one good reason to conceal?

Ms.Usha Kapoor (Expert) 01 January 2018
You've got to repay on agreed terms and conditions with interest to that friend o relation.You'll have to show in Your IT returnj..

B.Chakrapani Warrier (Expert) 01 January 2018
1. To obtain confirmation letter from lender and keep it for 6 years to produce before tax authorities if need arises.

2. -Do-

3. If you have only salary income ,no need to show the particulars of loan in the income tax return since there is no column provided in the form.

Guest (Expert) 01 January 2018
@ B.Chakrapani,

Any sanctitity of 6 years, please clarify.

P. Venu (Expert) 01 January 2018
Income tax is charged on earning. The loan taken from friends cannot be termed earning. However, keep some documentary proof of the transaction, so that explanation could be furnished if such a needs arise.

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