interest free loan
This query is : Resolved
07 November 2009
can a person give interest free loan to persons whose not having any blood relations with the loan taker, ie freinds, relatives, etc..?
08 November 2009
Dear Apurva
in case of Individual it does not matter but however in case of Firm & Co. they have to prove that there is no indirect benefit obtain by giving interest free loan
in case of Individual it does not matter but however in case of Firm & Co. they have to prove that there is no indirect benefit obtain by giving interest free loan
08 November 2009
My view is slightly different from above. Even in case of individual blood relation is very important. Many courts have given there view that for gift there should be blood relation. Hence in absence of blood relation it will be difficult to prove gift
13 November 2009
The query is initialised with regard to Loan, not to Gift and asked for the consequence for Interest Free Loan!
In the case of loan, chargeability of interest depends upon the parties enter into transaction.
However, in case of Firm or Company, it is required to disclose that no indirect benefit is derived on account of giving interest free loan.
In the case of loan, chargeability of interest depends upon the parties enter into transaction.
However, in case of Firm or Company, it is required to disclose that no indirect benefit is derived on account of giving interest free loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- Change Of Karta In Case of Death
- GST Intimation due to Government took possession of Business Premises under PPE Act
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
