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interest on money given to father

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 January 2011 i have given 7.5 lacs to my father via chq .. do i need to take interst on the money ?if yes hw much interst has to be taken according to tax authorities?
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Ravikant

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Ravikant (Expert)
16 January 2011 No Need to take Interest if you specify in your books of accounts that the Loan is 'INTEREST FREE'

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