Hand loan

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Discussion on hand loans: can be given via bank (cash restricted under tax laws) and may be interest-free or interest-bearing. Defined as informal loans given without documentation, usually among friends or relatives based on trust.

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(Querist)
09 February 2023 1. Can the Hand loans be given through bank channels like NEFT, cheque etc or is it always cash loan.
2. Is the Hand loan always interest free or it can be with interest also?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 February 2023 1 yes, cash loan not allowed under income tax.
2 It can be with interest also.
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Shweta

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Shweta (Querist)
09 February 2023 Thanks. What exactly is the meaning of the word "Hand Loan". The Google does not have many satisfactory answers.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 February 2023 Hand loan means no documents will be executed and it's given to friends and relatives based on good faith.
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