Do i have to pay tax if i take a loan from my sibling?
This query is : Resolved
12 May 2015
Hello Sir/madam,
I need to repay my education loan and i am thinking of taking some Rs 5 Lakh from my sibling who is based abroad.
So, if i take that as loan, do i have to pay tax on the loan?
Is there any way possible by which i can avoid the income tax?
I need to repay my education loan and i am thinking of taking some Rs 5 Lakh from my sibling who is based abroad.
So, if i take that as loan, do i have to pay tax on the loan?
Is there any way possible by which i can avoid the income tax?
12 May 2015
No tax payable on the loan taken from sibling.
12 May 2015
Thanks a ton...one more small query..do i need to have some document on Stamp paper etc in case the IT office raises query on the source of the loan?
13 May 2015
Yes, have some document to prove source of loan and have the transactions through banking channels. Take care of RBI requirements if any.
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