Greetings to fellow members!
During the current FY, for me, there is a need to make a 1 year tenure loan to a close frend.for a signi Because of close family ties, there is no element of interest. In the eyes of the Assessment Officer, how does such an interest loan fare?
Can anyone suggest me a sample loan agreement to cover this transaction on a legal platform?
Since the loan is unsecured and interest-free, you can prepare a promissory note on a stamp paper and get it signed by two witness and get it attested.
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Rahul Dang & Associates-Chartered Accountants
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