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Interest free loan from brother in law

This query is : Resolved 

Querist : Anonymous


Querist : Anonymous (Querist)
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

Querist : Anonymous


Querist : Anonymous (Querist)
Please resolve the query......

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

Querist : Anonymous


Querist : Anonymous (Querist)
thanks sir,

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

U/s 194A. But you should accept and repay amount by proper account payee cheque.



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