Barrowing money from Friend/Relative
This query is : Resolved
Kempe Gowda
(Querist)
22 January 2023
Hello Friends,
Can you pls clarify on below questions.
1. Is there a limit on amount I can barrow from friend/Relative? Can I barrow like 1-3crs from their declared income(tax already paid)
2. Do I have to pay them interest at minimal rate if I have to keep the amount from more than year or two.
3. Do we have to sign agreement for documentation purpose if the loan is for long term to furnish to IT dept if demands as I will be declaring the loan during IT filing.
Thanks,
Can you pls clarify on below questions.
1. Is there a limit on amount I can barrow from friend/Relative? Can I barrow like 1-3crs from their declared income(tax already paid)
2. Do I have to pay them interest at minimal rate if I have to keep the amount from more than year or two.
3. Do we have to sign agreement for documentation purpose if the loan is for long term to furnish to IT dept if demands as I will be declaring the loan during IT filing.
Thanks,
CA R SEETHARAMAN
(Expert)
23 January 2023
1 yes, no limit through banking channel.
2 No interest no problem. You can keep it for one or two years.
3 yes
2 No interest no problem. You can keep it for one or two years.
3 yes
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