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Gold as commodity loan

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(Querist)
09 August 2012 can gold be taken as loan in commodity form from friends or family members and is it compulsory to pay interest and if it compulsory it is to be paid in cash or gold only and please specify under what section
from niteshjain9@hotmail.com
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CA VISHNU GAVKARE

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CA VISHNU GAVKARE (Expert)
10 August 2012 Loan can be obtained in cash or kind. For kind valuation has to be seen. Regarding the interest part it is not mandatory to be paid in cash or kind. Tax department can not decide the terms. it is between the parties to the contract.
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