loan from non-relative
This query is : Resolved
18 April 2010
my wife want to take Rs. 5 lacs as loan from my mother's brother without interest. can she take it and will it attract income tax or not. i have read judgement of ITAT Mumbai delivered on Jan 10, 2008.
Aditya Maheshwari
(Expert)
19 April 2010
Interest free loan can be taken provided the person giving the loan is not taking a loan to pay you person i. e. it should be out interest free funds.
Aditya Maheshwari
(Expert)
19 April 2010
No it is not
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