Interest on loan to spouse.
This query is : Resolved
06 March 2014
Is loan to spouse attract interest income as per Income Tax ? for Exp. wife give rs. 1 Lac loan to her husband, & Husband invest this amount to their house extension for upper floors during the year. The house is in their Joint Names [ first owner of house is husband & 2nd owner of house is wife ]
Is in this case loan to husband rs. 1 Lac [ which husband invested in their house extension ] attract any interest income for wife as per income tax act.
Is in this case loan to husband rs. 1 Lac [ which husband invested in their house extension ] attract any interest income for wife as per income tax act.
06 March 2014
No interest income will arise unless interest is ACTUALLY paid.
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