03 March 2015
I gave interest free loan to my friend and relative of around 1 lakh this year and last week I got to know that I can claim tax exemption on this. I am salaried person and as of now I submit ITR-1 for return but I dont see any column to claim exemption for this in ITR form.
So can someone please advice me how to claim tax exemption for this and does it come under 1.5L limit of 80C . Also what proof do I need to submit for exemption.
04 March 2015
Thanks Tushar for the response, but I read it in some blog. At one blog they said limit is 50K if its interest free and another one there was nothing mentioned for limit.
In case this is not applicable then can you help me in saving my TAX for this year as I have not yet made any investment and I have to pay huge amount of TAX which obviously I dont want to.
CAclubindia
