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Rate of interest on personal loan

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(Querist)
14 March 2019 Dear experts,
Can I charge 1.5% rate of interest from my customer to whom I have given a personal loan ?
Is this allowable under income tax act ?
Please guide.
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Z

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Z (Expert)
15 March 2019 Yes, and the income will also be taxable.
If the money is lent on account of commercial considerations/ in relation to the business which you are carrying, then it would be taxable under the head of PGBP. Otherwise, it may be taxable u/h of Income from Other Sources.
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Kalpesh

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Kalpesh (Querist)
15 March 2019 Thanks for your guidance.
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Kalpesh

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Kalpesh (Querist)
15 March 2019 Thanks for your guidance.
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