Personel loan taken from company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2012
if i take a personel loan from my company for an amount of rs. 12lac, is my liability to pay tax to gov. and what is it's percentage please tell me its answer in detail.
CA PARAS BAFNA
(Expert)
12 February 2012
Loan at concessional rate of interest and Interest free loan, both can be availed from the company. In case Company charges you less than the rates prescribed, the concession or benefit given to the employee is considered as a taxable perquisite.
.
For the rates Please refer the following link.
https://www.simpletaxindia.net/2011/05/sbi-interest-rates-01-04-11-for.html
.
For the rates Please refer the following link.
https://www.simpletaxindia.net/2011/05/sbi-interest-rates-01-04-11-for.html
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