I want to give Rs. 3 Lakh as a temporary loan to my relative for one month at a interest of 0.5%. I want to know if I cant give Rs.3 Lakh in one instance to my relative as a short term loan for one month or more, and further want to know if the interest earned on this short term loan will be taxable or not.
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Accounting of income earned on interest on private loan
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Yes Definitely it's taxable income if You received interest from the way / other way...
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