Loan

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Shridhar Kallani (Querist)
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21 November 2014 can an individual give loan (money in general) to his/her relative without charging any interest i. e@0% for a period of 6mths. if not what are the implications of doing so?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2014 Yes an individual can give loan to his relatives as well as non-relatives. he following points should be kept in mind:

1. The loan & repayment thereof should be through banking channels and NOT in cash.

2. The lender should be able to substantiate the source of funds.

Rupesh Jain

Rupesh Jain (Expert)
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22 November 2014 if you don't charges the intt. if you loss the income like saving bank intt. or fdr intt. then AO can ad the same intt in your income.

but in relative case you can say your blood relation. in that case you can save himself.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 December 2014 agree with siddharth.......................

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