10 November 2011
I want to take loan from my brother in law (wife's brother)of Rs. 400000 for purchasing a house property.
My Query is that: 1) is it compulsory to give interest on such loan and deduct TDS, (if Yes), than on what rate interest should be given and TDS will be deducted. 2) OR can I take interest free loan
10 November 2011
As Individual, you can take interest free loan also. no restrictions on that. even if you pay interest TDS will not attract while individual paying interest to others