Tax implications on unsecured interest free loan

nitin (professional) (83 Points)

26 June 2014  

What are the tax implications for a person

Q1. who takes unsecured interest free loan from father in law for purchasing house for residential purpose.

Q2. what if the return payment installment starts after 3 years from date of taking the loan?

Q3. What will be the format of loan aggrement?

Q4. What should be the value of non-judicial stamp paper for the aggrement if loan amount is 5/10 lacs?