If I take some money as loan from my friend for few year, will I be counted in my income tax.plz help me out?
Answer:
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).
no loans are not counted as income because technically you're paying the money back
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.
Loans aren't income because you have to pay them back.
If you want to be sure, call the IRS.
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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.
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
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
You will show this amount in your income tax return and your friend will also show this amount in his return.
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