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
CA PARAS BAFNA
(Expert)
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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