chargeability of interest free loan
This query is : Resolved
16 February 2011
is interest free general loan taxable as per Income Tax ACT in the hands of private company employee?
Anupkumar Vaishnav
(Expert)
16 February 2011
As per the provisions of Rule 3(7)(i) in case where interest free loan has been given by employer to an employee the amount of interest worked out on maximum balance oustanding in each month at the rate of interest prevailing on 1st day of FY charged by the SBI for similar loans ( assuming it is personal loan it is 16% for AY 2011-12) shall be chargeable as value of perquisite taxable under the head salary.
However if loan is for medical purposes or it is les than Rs 20000 then there will not be any need to compute perqusite being expempted one
However if loan is for medical purposes or it is les than Rs 20000 then there will not be any need to compute perqusite being expempted one
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