I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs.
PNBHFL mentioned they will charge if 3% of prepayment charges if I transfer the same loan to another. So, I cleared the existing loan amount around 19 lakhs, by borrowing 11 lakhs from friends/relatives and 8 lakhs from buyer of my house. Is the money took from friends/relatives is taxable?
Out of 11 lakhs, I got 7 lakhs as cash from friends and I deposited to my account. How do I show this amount to fill income tax form?