Interest on unsecured loans

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Sumiti Jain

Sumiti Jain (Querist)
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14 September 2012 Is there any Compulsion to pay Interest on Unsecured loan or whether they can be Interest free?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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14 September 2012 There is no problem to the receiver of the loan but it may create problem to the person giving the loan.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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14 September 2012 No Where Written That Interest Need to Pay.
But Just For Making Suspicious Clear to AO That Fund Is Not Your Own, People Use to Make Interest Payment.
Problem For Who is Lending.
If He Lending at Interest or Concessional Free Interest rate, Then Interest Paid Will Be Disallowed & Also reporting required Under Companies Act.

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Interest on unsecured loans

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