Tax on loan from friend


This query is : Resolved 

(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.

Profile Image

Guest

Profile Image

Guest (Expert)
03 June 2014 I HAD MSGD U IN REPLY OF YOUR QUERY .......

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

Profile Image

Guest

Profile Image

Guest (Expert)
03 June 2014 I HAD REPLIED BACK DEAR

Madhuri Ket (Querist)
03 June 2014 one last query mailed

Profile Image

Guest

Profile Image

Guest (Expert)
03 June 2014 ONE LAST REPLY IS IN YOUR MAIL BOX DEAR..........HEHEHEHE


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details