Loan
This query is : Resolved
21 November 2014
can an individual give loan (money in general) to his/her relative without charging any interest i. e@0% for a period of 6mths. if not what are the implications of doing so?
22 November 2014
Yes an individual can give loan to his relatives as well as non-relatives. he following points should be kept in mind:
1. The loan & repayment thereof should be through banking channels and NOT in cash.
2. The lender should be able to substantiate the source of funds.
1. The loan & repayment thereof should be through banking channels and NOT in cash.
2. The lender should be able to substantiate the source of funds.
22 November 2014
if you don't charges the intt. if you loss the income like saving bank intt. or fdr intt. then AO can ad the same intt in your income.
but in relative case you can say your blood relation. in that case you can save himself.
but in relative case you can say your blood relation. in that case you can save himself.
01 December 2014
agree with siddharth.......................
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