I am planning to take Personal loan (for marriage) from my company which will be around 3L. Company has a ploicy that if the loan is for marriage, there wont be any interest on loan amount and will be repaid in max 30 months. I have to submit the marriage docs.
My question is that will there be any income tax on the loan? Means will the loan be counted as my income for the financial yr.
Kindly help..
No...Loan amount will not be your income for the year.
If company is giving you interest free loan, it will treated as perquisites forming part of your salary.
SBI rate as in 1st day if April is treated as notional rate of interest and will form part of your salary.
Regards
Prateek
agreee with above pesonal loan is not taxable
CCI
Pro
CAclubindia
