I received some money from my friend (about 4 lakhs) and paid my college fees with it and the rest towards an educational loan account. I’m not salaried. Since it comes between 2.5-5 lakhs slab I think I should file ITR. If so how should I include this in ITR? Should I avail an online service or could someone guide me through that?
If the amount is received as a gift the same needs to be shown under the head Income From Other Sources. Since gifts received from friends are taxable if the monetary value of all gifts received exceeds INR 50,000.
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