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Tax on loan from friend

This query is : Resolved 
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(Querist)
03 June 2014 If Amit takes loan from Gaurav by signing a loan contract for a tenure of 10 years with at interest rate of 2% per annum. Principal payment to start after 5 years, till then only interest part to be paid. Will Amit become liable for any type of tax? And will gaurav needs to pay any tax on interest earned? Loan amount would be minimum 4 crores rupees.
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Guest (Expert)
03 June 2014 I HAD MSGD U IN REPLY OF YOUR QUERY .......
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Madhuri Ket

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Madhuri Ket (Querist)
03 June 2014 Thank u sir i have reverted with more details requesting for reply from you
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03 June 2014 I HAD REPLIED BACK DEAR
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Madhuri Ket

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Madhuri Ket (Querist)
03 June 2014 one last query mailed
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03 June 2014 ONE LAST REPLY IS IN YOUR MAIL BOX DEAR..........HEHEHEHE
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