hello!. i would like to know that whether an individual can take interest free loan from brother's spouse and brother. If yes than what are the condition?
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interest free loan (urgent)
Replies (3)
Mr.Sushil Kandoi
There is no restriction on accepting interest free loans from relatives. But one must be careful regarding provisions of section 269SS and section 269T.
Before giving the loans the creditor also must take care whethere he/she is advancing the loan from out of borrowed funds by the creditor. If the interest free loan is given from borrowed funds proportionate interest on the interest free loan will be disallowed in the assessment of the creditor.
Best Wishes
Sathikonda
Mr.Sushil Kandoi
I have given the reply keeping in view of the provisions of income-tax.
Best Wishes
Sathikonda
Mr.Sushil Kandoi
I have given the reply keeping in view of the provisions of income-tax.
Best Wishes
Sathikonda
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