Tax implication on interest free loan given to relative

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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

CA PARAS BAFNA (Expert)
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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.
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Gift deed is entered into for creating a documentary evidence of the gift given and taken through a single deed.
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