Loan from individual to individual
Querist : Anonymous
Please explain.
Thanks in advance.
If Relative then the gift income is exempted in the hands of the recipient.
If gift received from non relative,exceeding Rs. 50000/-then such gift is taxable as income from other sources.
The person who gift has no tax obligation.
Querist : Anonymous
Suppose, its not a gift and its loan only then any precaution need to be taken before allowing such loan like interest rate or deemed dividend provistion etc
deemed dividend provision does not apply
here.
Also, in case of individual if you take loan then this will be shown in personal balance sheet also interest rate should not be less then the SBI lending rate as on 01/04/2015.
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