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Interest on unsecured loan

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(Querist)
16 June 2015 Is it mandatory to give Interest on Unsecured loan taken from any person?
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Ankur Singhal

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Ankur Singhal (Expert)
17 June 2015 No it is not mandatory to give interest on unsecured loans but the person who is giving loan should have a justified source of income.
Also the amount of loan given by person should match his/her income /total income. reflected in ITR.
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Rupesh Jain

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Rupesh Jain (Expert)
17 June 2015 ITS NOT MANDATORY, BUT YOU HAVE TO JUSTIFY THAT THE PERSON GIVE YOU INTT FREE LOAN.
NO BODY GIVE YOU INTT FREE LOAN, SPARE MONEY ALSO EARNED 3.-6% IN SAVING BANK A/C
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