Interest on unsecured loan

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AJAY THAKKAR (Querist)
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08 March 2013 DEAR SIR/MADAM ,
IS THAT COMPULSORY TO PAY/RECEIVE INTEREST ON UNSECURED LOAN IF THAT HAS BEEN TAKEN FROM RELATIVE OR ANY OF FAMILY MEMBER ????

WHAT HAPPEN IN SAME CASE FOR NON FAMILY MEMBER???

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 March 2013 if relative if in 56(2) then you can take gift also
but if it is loan then you must show interest

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CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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08 March 2013 Ya agree with Prashant Sir.

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AJAY THAKKAR

AJAY THAKKAR (Querist)
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09 April 2013 DEAR SIR/MADAM

IF MY FATHER HAS TAKEN 450000 RS AS A UNSECURED FROM ME...THEN IS THAT COMPOLSORY TO CALCULATE INTEREST AND ?
IF YES THE @ WHICH RATE??
AND IS THERE REQUIRED ANY T.D.S. DEDUCTION IN THIS CIRCUMSTANCES????

PLS EXPLAIN BRIEFLY..