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

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This query is : Resolved

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?


( 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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