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Loan to employer
My employer (he is my brother in law) is running a trading business. Its a firm and himself with his brother are parrtners. As he is running short of working capital he is looking for loan. I am having some cash in my hand. Can i lend it to him. What are the tax implications
Replies (4)
interest rate should be as per market interest rate
Is it compulsory to take interest and what is the maximum amount i can give
it is not necessary but he can debit that interest in his profit and loss account to save tax and if you are not in taxable slab then overall it can give benefit
Can u tell me maximum amount i can give. My salary is 45000 per month and i have claimed 125000 as 80 deductions
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