Interest on unsecured loan

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36 Points Posted on 10 May 2018

Hi

Is there any law or rule as per Act, which says that interest on unsecured loan from third party [apart from Gov/banks/institutions] should be paid in actual every year or one can keep on accumulating it and adding it to the principal balance ?

Any rulling or citiation refernce required regarding this matter.

 

Thanks.

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On 10 May 2018 at 18:38 Report
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5751 Points Posted on 11 May 2018
whether it's payable or paid, it should be included in the total income
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On 11 May 2018 at 00:25
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36 Points Posted on 14 May 2018

Thanks Mr Rama.

Yes it is included in the total income of the assessee, but it is being accumulated Year on Year...Is this OK?

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On 14 May 2018 at 17:45
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5751 Points Posted on 14 May 2018
there's no bar ... it's up to you to receive or accumulate it to your outstanding loan amount.. it's permitted
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On 14 May 2018 at 18:26

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