Dear Sirs
I w'd like to know that if I have taken Rs.4 lacs unsecured loan from my relatives (without interest) for too short periond (1-2 months) in my bank account, is it liable to pay tax? and also suggest me rules, T&C for such types of amounts considering IT.
Kindly Suggest!
Satyen
No tax liability. But it should not be cash deposit....... any banking channel transfer will be OK.
Capability of your relative may be verified. A loan confirmation letter will be required.
This is not liable to tax under IT, provided you have enough supporting document for this loan .
Chirag N Shah & Associates
Mumbai
CA Inter
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