17 June 2015
No it is not mandatory to give interest on unsecured loans but the person who is giving loan should have a justified source of income. Also the amount of loan given by person should match his/her income /total income. reflected in ITR.
17 June 2015
ITS NOT MANDATORY, BUT YOU HAVE TO JUSTIFY THAT THE PERSON GIVE YOU INTT FREE LOAN. NO BODY GIVE YOU INTT FREE LOAN, SPARE MONEY ALSO EARNED 3.-6% IN SAVING BANK A/C
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