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Unsecured loans to and from proprietorship firms

This query is : Resolved 
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(Querist)
06 November 2014 Dear Expert,

Please advise whether a proprietorship firm holding TAN No. can give/take loans to other proprietorship firms without interest?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 November 2014 he/she can...but if he/she is having interest bearing borrowing, he/she should be aware that giving interest free loans may force AO to disallow part of interest paid on interest bearing loans
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