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Interest free loan
I have heard that to avoid clubbing provisions, gift provision u/s 56(2)(vii) for taking benefit of other's exemption limit - one should give interest free loan rather than gifting money.
but pls tell me can i give interst free loan to anybody or is there any category of persons to whom interest free loan can be given.
Replies (2)
Sir, Only blood releationship otherwise you have to pay tax.
Further any query plz mail the same.
does relative definition u/s 56(2)(vii) supports ur answer or its from somewhere else.
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