Loan re-payed claimed as loan given
I have given loan of Rs.4,00,000 to my brother in cash. He has returned the same by sending the amount to my Company account. Now he has gone to the court saying that the he has given me the loan of Rs.4,00,000 and gone to the court asking me to return the money with Interest. But there is nothing in writing for this transaction. What shall i do?
Did you declare the loan in your income tax returns? How did your brother account for the same? If your brother has gone to court for contesting case on merits. Deny it was a loan. Further mention that there was no agreement to pay interest.
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