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Interest free loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 October 2011 What is the provisions of Income Tax with respect to Interest free loans by an Individual & Comapany.....

Can an Individual give and take Interesrt free loans from relatives?
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CA. Deepak Narula

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CA. Deepak Narula (Expert)
03 October 2011 Yes, an individual can give and take interest free loans to/from relatives. There is no such restriction under income tax act.

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