Loan from wife
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 January 2013
My wife give loan of Rs.1 Lac through Cheque to me without interest. I Will return the said amount in one year.
My query is that :-
1. above transaction is valid under the provisions of the income tax?
2. I should pay interest ?
Thanks
My query is that :-
1. above transaction is valid under the provisions of the income tax?
2. I should pay interest ?
Thanks
28 January 2013
The transaction is valid and it is not necessary that you should pay her interest if she has extended loan out of her own funds.
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