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Interest on Unsecured Loan

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(Querist)
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
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RAJA P M

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RAJA P M (Expert)
15 April 2020 No more restrictions (or mandatory) for compulsory interest paid if it's not received against interest...
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Asha Kanta Sharmapro badge online (Expert)
05 May 2020 It is not compulsory and is only subject to mutual agreement agreed to between individuals.
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