Interest on Unsecured Loan
This query is : Resolved
15 April 2020
Dear Sir,
Is it mandatory to pay interest on unsecured loans availed from friends and relatives as per Income tax act, please advice.
Arjun
7780309128
Is it mandatory to pay interest on unsecured loans availed from friends and relatives as per Income tax act, please advice.
Arjun
7780309128
15 April 2020
No more restrictions (or mandatory) for compulsory interest paid if it's not received against interest...
Message likes :
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05 May 2020
It is not compulsory and is only subject to mutual agreement agreed to between individuals.
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