POSTED BY January 4, 2012 12:47 pm COMMENTS (4)ON
Thanks for posting this kind of useful messages ,
I have taken 8 lacks loan to buy house from my would be father in law and he transferred the money to my Salary account, later I paid that money to my house owner,along with that I took additional loan of 30 lacks from bank. I have a plan to pay that amount installment wise whenever possible.
My query is : Whether that 8 lacks will be considered as my income for this financial year. to make it simple do I need to pay tax for that amount. How to show this amount in filing tax return.