interest on money given to father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2011
i have given 7.5 lacs to my father via chq .. do i need to take interst on the money ?if yes hw much interst has to be taken according to tax authorities?
16 January 2011
No Need to take Interest if you specify in your books of accounts that the Loan is 'INTEREST FREE'
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