Interest free loan !!!
This query is : Resolved
Abhishek Kumar
(Querist)
24 April 2014
Can i Give or Take Interest-free Loans from any relatives..?
Pls reply
Regards.
Pls reply
Regards.
Sandeep Dharar
(Expert)
24 April 2014
Yes u can give or take interest free loan.
Abhishek Kumar
(Querist)
24 April 2014
what will be the tax implication ?
Nikhil Kaushik
(Expert)
24 April 2014
from relatives - no tax implication as such unless there are some interest bearing obligations taken by the relative.
Sandeep Dharar
(Expert)
25 April 2014
No Tax implication since there is no income through interest.
Nikhil Kaushik
(Expert)
25 April 2014
sandeep - for loan provider the tax implication is based on whether or not he has used interest bearing loans to give interest free advances.
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