Reg interest free loan from relatives
This query is : Resolved
07 May 2015
no interest has been paid in current year
while was paid during previous year.is there is any prosecution under income tax act for non giving interest to relatives on unsecured loans
while was paid during previous year.is there is any prosecution under income tax act for non giving interest to relatives on unsecured loans
08 May 2015
There is no such prosecution but if scrutiny comes you may have to explain the AO why interest was not paid to relatives in current year while it was paid last year. Though there is no bar on availing interest free loan from relatives.
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