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Construction loan from relatives

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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
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CMA Ramesh Krishnan

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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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