Income tax rules for taking loan from relative

Vikas (Querist) 17 March 2016 This query is : Resolved
Dear Experts,
I have given 5.5 lacs rupees to my cousin in four transaction by cheque as a interest free loan to purchase a house in financial year 2015-2016. My query is that it is necessary to show in income tax return either by me or my cousin or both.if we have to show then how to show .
Thanks & regards
Vikas

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P. Venu (Expert) 18 March 2016
You may CAclubindia.

Rajendra K Goyal (Expert) 18 March 2016
for saral return, no provision to show such transaction. What is the form used for filing return?

Better consult with local tax consultant.

H.M.Patnaik (Expert) 18 March 2016
Since opinion is dependent on various details like sources of income,mode of payment, terms of repayments etc., it is better to discuss the same with a local tax consultant or C.A. for proper guidance.

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