Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2015 Suppose I have taken unsecured loan from 5 different persons. Can I opt to pay Interest to some of them and not all. Can Income officials add those interest not paid on the ground that why all the parties are not paid ? I also pay bank loan interest.

Thanks

Sandeep Dharar

Sandeep Dharar (Expert)
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07 May 2015 Dear, in unsecured loan interest element must b there. But, if in loan agreement it is mentioned that it is interest free loan then its ok.

But in absence of any agreement as such, interest must b provided, and u have to deduct TDS on such interest.

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