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Loan to Friend: Taxable Income in 2024?

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Jan 20, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Kanagaraj on Dec 24, 2024Hindi

Money

Hi sir, I transfered 3 lakhs to my friend in 2023 as loan through bank transfer. If he repay that without any interest in 2024, should I pay income tax?

Ans: You should get the amount back through banking channel only. You would have to pay any tax on it, since this is not your income, but just return of temporary loan without interest, to your friend.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi sir, I transfered 3 lakhs to my friend in 2023 as loan through bank transfer. If he repay that without any interest in 2024, should I work income tax?

Ans: Hi,
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Happy to help - Thanks.

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(1) NIT Tiruchirappalli (NIT Trichy) (2) NIT Karnataka, Surathkal (3) NIT Rourkela (4) NIT Warangal (5) NIT Calicut (6) NIT Jaipur (7) NIT Silchar (8) NIT Nagpur (9) NIT Durgapur (10) NIT Jalandhar

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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