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Home loan to Non employee

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(Querist)
05 December 2008 Dear Member

Please tell me that company given interest free loan to a person which is working in a company as an retainership then what is income tax implimentation for both Company and retainer staff

With regard
Rajesh
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
05 December 2008 Dear Rajesh,

Technically speaking interest free loans cannot be given until and unless there exist a pre-condition.

If the department is not satisfied, it may add the interest (calculated at prevailing rate) to the total income.

Rgds/
Vineet
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
05 December 2008 Dear Rajesh,

Technically speaking interest free loans cannot be given until and unless there exist a pre-condition.

If the department is not satisfied, it may add the interest (calculated at prevailing rate) to the total income.

Rgds/
Vineet
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