unsecured loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2010
Hi respected CCI Member
I want to know supppose any person taking unsecured loan from her wife and relative or friend and during the year he not pay interest on that amount i.e. interest free loan then interest can be include in our income? OR it will be ok i.e. it will not taxable?
I want to know supppose any person taking unsecured loan from her wife and relative or friend and during the year he not pay interest on that amount i.e. interest free loan then interest can be include in our income? OR it will be ok i.e. it will not taxable?
Rahul Gupta
(Expert)
22 March 2010
You can take Interest free loan and no interest will be included in your income.
CA Ashok Kumar Sahu
(Expert)
23 March 2010
yes, you can take interest free loan from your relatives and friends
CMA Arif Farooqui
(Expert)
25 March 2010
yes u can take interest free loan from your relatives and friends. no interest will be included in your income, but u will not get deduction of it while calculating ur income if u have not paid intrest.
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