Hi
I have taken a personal loan for Rs 8 lakh and transffered to my father online in his current bank account through which he operates his business. This is a loan provided to my father by me.
One more thing, as it was online transfer , does it make any difference if i would have gone through transfer using Cheques ?
Do i need to document this for a loan agreement ? What will be tax implications for me and my father ?
Do i need to document for rate of interest and other minor details (please specify if any) ?
I want some expert advice for the above.
CAclubindia
