Query: for income tax return

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Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2011 Friends,

One of my friends is work with private Limited company and his net taxable income is 2,65,000/- (Tax due Rs. 6695) for the Asstt. Year 2011-12 and I also have taken free interest loan for Rs, 55,000/- in April 2010 from the company and paid installment Rs. 1,000/- per month. Is any income tax payable on tax free interest loan Rs. 55,000/-, if yes, how much amount payable. If yes, how much amount. & when loan below with amount 25000/- when also interest calculate or not.

CA Navin Jain

CA Navin Jain (Expert)
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23 March 2011 Deemed interest will be taxable in your case

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CA Navin Jain

CA Navin Jain (Expert)
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23 March 2011 Loans Not covered under perquisites
where the original Loan(s) amount does not exceed in aggregate20000/-.This rule exempted only original amount up to 20000 but if loan if original loan is more than 20000 but present loan outstanding is less than 20000 then there is no exemption available and perquisite remains taxable.
if the loans made available for medical treatment (for disease specified ) then there will no perks value ,However the exemption so provided shall not apply to so much of the loan as has been reimbursed to the employee under any medical insurance scheme.

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CA Navin Jain

CA Navin Jain (Expert)
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23 March 2011 Find Out the rate of interest Charged by the SBI on that type of loan on the first day of relevant previous year

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