I have received money from friends during a financial year to the?
It is not clear from your question what is the nature of receipt of money from friends. If the money is not supposed to be returned than it will be treated as gift and If the value of the gifts received by you exceeds Rs 50,000 in a year, it will be taxable under the head "Income from other sources" and will be taxed according to tax slab applicable to you. The gifts that you receive both in terms of money or in other forms are exempted from tax if their total amount in a given financial year is less than Rs 50,000. However, there are some instances when receiving gift is completely tax-free. In the following cases gift received is free from tax: (i) from any relative; or(II) on the occasion of the marriage of the individual; or(III) under a will or by way of inheritance; or(IV) in contemplation of death of the payer or donor, as the case may be; or(V) from any local authority as defined in the Explanation to clause (20) of section 10; or(VI) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or(VII) from or by any trust or institution registered as a charitable institution under section 12A, 12AA or !2AB of the Income tax Act, 1961.