Loan to friend
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2016
Gave interest free loan of 10 lacs to a friend 4 yr back. As per agreement he is supposed to have paid back in 2 yrs. He is still not in a position to pay.
What are the tax implications in this case
What are the tax implications in this case
Rupesh Jain
(Expert)
30 June 2016
when you give interest free loan then, no problem as per income tax act, but as per civil law you can make recovery of loan as per law provision.
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