Hi,
My friend says he had taken a personal loan last year fy 15-16 from bank/fi. The same was withdrawn in cash. Now with the demonetization scheme in place all 500/1000 notes becoming useless, he wants to deposit the residual amount.
My view
As per the scheme, no limit on deposit so he can deposit the same with his bank.
Taxability: while filing return of this year whatever interest he earns on this amount he can pay tax on the same.
Are there any other effect?
CAclubindia
