Construction loan from relatives
This query is : Resolved
09 November 2011
I need funds to construct a house. My sister has spare funds. What are the points to take care when taking a loan (either with or without interest). Any tax/legal implications to either of the parties. What is the best way to keep tax implications to the minimum.
Rosita
Rosita
CMA Ramesh Krishnan
(Expert)
10 November 2011
You can take interest free loan also, if the interest is charged the same will be allowable deductions u/s.24 for you , need to get the certificate from your sister for interest along with her pan number
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