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Interest free loan from brother in law

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 November 2011 I want to take loan from my brother in law (wife's brother)of Rs. 400000 for purchasing a house property.

My Query is that:
1) is it compulsory to give interest on such loan and deduct TDS, (if Yes), than on what rate interest should be given and TDS will be deducted.
2) OR can I take interest free loan
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Querist : Anonymous

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Querist : Anonymous (Querist)
10 November 2011 Please resolve the query......
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 November 2011 As Individual, you can take interest free loan also. no restrictions on that. even if you pay interest TDS will not attract while individual paying interest to others



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Querist : Anonymous

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Querist : Anonymous (Querist)
10 November 2011 thanks sir,

please give me one another favour, please provide me the section under which above provision is given that
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Vikas

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Vikas (Expert)
10 November 2011 U/s 194A. But you should accept and repay amount by proper account payee cheque.

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