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Hand loan

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(Querist)
09 February 2023 1. Can the Hand loans be given through bank channels like NEFT, cheque etc or is it always cash loan.
2. Is the Hand loan always interest free or it can be with interest also?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 February 2023 1 yes, cash loan not allowed under income tax.
2 It can be with interest also.
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Shweta

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Shweta (Querist)
09 February 2023 Thanks. What exactly is the meaning of the word "Hand Loan". The Google does not have many satisfactory answers.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 February 2023 Hand loan means no documents will be executed and it's given to friends and relatives based on good faith.

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