Loan to family members convert to gift transactions
This query is : Resolved
12 July 2020
A proprietory concern I.t. person rs.20 lacs loan taken from bank.
Rs.10 lacs loan paid to son
Rs.10 lacs loan to paid daughter.
Question:
1.Loans paid to family members convert to gifts accepted in I.t. act
2.loan to family members interest calculation compulsory.
Rs.10 lacs loan paid to son
Rs.10 lacs loan to paid daughter.
Question:
1.Loans paid to family members convert to gifts accepted in I.t. act
2.loan to family members interest calculation compulsory.
12 July 2020
1 yes it's accepted.
2 No, interest free loan can be given to relative.
2 No, interest free loan can be given to relative.
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