Sumiti Jain (FP) (1364 Points)
14 September 2012
CA abhinandan agarwal
(CA CS Bcom(H))
(174 Points)
Replied 14 September 2012
actually there is no compulsion but no 1 can give the loan interest free.so AO can raise the question for it.so its better to provide interest.
CA D R P
(Chartered Accountant)
(313 Points)
Replied 14 September 2012
ACTUALLY IT DEPENDS ON ASSESSEE.
IF IT IS A COMPANY THEN, IT IS MUST TO PROVIDE FOR INTEREST, [INDIRECTLY]...
IF IT IS A NON CORPORATE ASSESSEE THEN IT DEPENDS ON YOUR COMFORT LEVEL... AND OTHER TRANSACTIONS.
IN SHORT IT IS SITUATIONAL ISSUE.
THANKS.
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