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

CA PARAS BAFNA (Expert)
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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.
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For the rates Please refer the following link.
http://www.simpletaxindia.net/2011/05/sbi-interest-rates-01-04-11-for.html

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