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Tax implication on interest free loan given to relative (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
15 February 2012

what r d tax implication for interest free loan given to wife? whether it is taxable or not in d case of either and if not then whether clubbing provision is attract or not??

what r d importance of Gift Deed?


CA PARAS BAFNA

( Expert )
15 February 2012

In case husband has given his money or non interest bearing money to wife, for notional interest, clubbing provisions may not apply.
.
Gift deed is entered into for creating a documentary evidence of the gift given and taken through a single deed.
.


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