Loan from individual to individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2015 Is there any taxation or any other act applicable or impact the transaction of Loan from Individual to Individual may be relative or non relative.

Please explain.

Thanks in advance.

Ankur Singhal

Ankur Singhal (Expert)
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18 June 2015 Gift from individual to individual

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

Querist : Anonymous (Querist)

18 June 2015 Dear

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

Ankur Singhal

Ankur Singhal (Expert)
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19 June 2015 dear
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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