TAx on loan
This query is : Resolved
25 March 2010
Hello,
Can any one tell me that if we are given money as a loan then it is taxable or not? and if taxable what is the limit and the interest of tax to be paid to Govt.
Can any one tell me that if we are given money as a loan then it is taxable or not? and if taxable what is the limit and the interest of tax to be paid to Govt.
CA Ashok Kumar Sahu
(Expert)
25 March 2010
if you give any loan then loan not taxable.
but if you receive any interest then interest is taxable as income, if it more then basic exemption limit of Rs. 1,60,000/-.
for women 1,90,000/-.
but if you receive any interest then interest is taxable as income, if it more then basic exemption limit of Rs. 1,60,000/-.
for women 1,90,000/-.
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