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Interest free loan !!!

This query is : Resolved 
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(Querist)
24 April 2014 Can i Give or Take Interest-free Loans from any relatives..?

Pls reply

Regards.
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Sandeep Dharar

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Sandeep Dharar (Expert)
24 April 2014 Yes u can give or take interest free loan.
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Abhishek Kumar

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Abhishek Kumar (Querist)
24 April 2014 what will be the tax implication ?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 April 2014 from relatives - no tax implication as such unless there are some interest bearing obligations taken by the relative.
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Sandeep Dharar

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Sandeep Dharar (Expert)
25 April 2014 No Tax implication since there is no income through interest.
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Nikhil Kaushik

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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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