Hello my friend won a lottery and the government already taken the tax from the price amount. He is willing to give me the full amount 1.5 crore to start the business and to do some term deposit for the next 15 years after that I should return the amount. Should I need to pay any income tax to government if I am taking the money from him as a loan without any interest
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Loan from my friend
Replies (2)
No Sir you need not pay any tax . because no taxes will be levied on loans
No. your liability arises only over income generated by the investment of the loan amount; but your friend would be taxed at maximum slab rate, over his declared income.
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