Interest u/s-24(b)
This query is : Resolved
19 August 2014
Q1) Should an assessee required to satisfy the following pre-requisites for claiming interest on capital borrowed from father u/s-24(b)?
i) Loan Agreement with the father in non-judicial stamp papers of Rs.50/- or Rs.100/-
ii) Taking & repaying of loan from / to father through banking channels
iii) ITR of father should be filed showing the interest income even if GTI doesn't exceeds maximum exemption limit
Q2)In case the assessee doesn't bothers about claiming interest deduction u/s-24(b), can he /she gets an interest free loan from the father as i have read in some legal websites that for charging interest the lender should obtain a license as a moneylender?
i) Loan Agreement with the father in non-judicial stamp papers of Rs.50/- or Rs.100/-
ii) Taking & repaying of loan from / to father through banking channels
iii) ITR of father should be filed showing the interest income even if GTI doesn't exceeds maximum exemption limit
Q2)In case the assessee doesn't bothers about claiming interest deduction u/s-24(b), can he /she gets an interest free loan from the father as i have read in some legal websites that for charging interest the lender should obtain a license as a moneylender?
19 August 2014
It is fine
.
.
you can pay interest to father and can take loan in your name
.
.
and can show interest as income in your father ITR
.
.
There is no problem in this
.
.
you can pay interest to father and can take loan in your name
.
.
and can show interest as income in your father ITR
.
.
There is no problem in this
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