Interest free loan
This query is : Resolved
N.BALA RANGANATH
(Querist)
07 March 2012
I have taken Rs.1,00,000 interest free loan from my employer on 15/03/12. Repayable in 12 equal instalments. What is the amount of tax on above FBT.
Thanks in advance.
Thanks in advance.
CA Ghanshyam Joshi
(Expert)
07 March 2012
FBT is not applicable now.
The interest not chargeb by employer will be taxable in your hands as perquisite at SBI notified rate for that financial year.
The interest not chargeb by employer will be taxable in your hands as perquisite at SBI notified rate for that financial year.
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Mihir Doshi
(Expert)
07 March 2012
Agree with expert.
FBT is not applicable.
Interest rate would depende upon purpose for which loan is taken. If its for personal use then interest rate is 13.25% p.a.
Thanks
Mihir Doshi
FBT is not applicable.
Interest rate would depende upon purpose for which loan is taken. If its for personal use then interest rate is 13.25% p.a.
Thanks
Mihir Doshi
Message likes :
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