Borrowing from relatives
This query is : Resolved
Mohanbhai Gohel
(Querist)
09 December 2024
Father got money from his son and daughter in law as zero percent loan for 10 years.is there any tax liability either side? What type of documents required?is document compulsory?
Dhirajlal Rambhia
(Expert)
09 December 2024
There is no tax liability as such, but ITO has right to add the interest component to the loan givers account for tax assessment.
Loan confirmation letters from loaners with bank statements, as and when asked by ITD.
Loan confirmation letters from loaners with bank statements, as and when asked by ITD.
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