Rate of interest on personal loan
This query is : Resolved
14 March 2019
Dear experts,
Can I charge 1.5% rate of interest from my customer to whom I have given a personal loan ?
Is this allowable under income tax act ?
Please guide.
Can I charge 1.5% rate of interest from my customer to whom I have given a personal loan ?
Is this allowable under income tax act ?
Please guide.
15 March 2019
Yes, and the income will also be taxable.
If the money is lent on account of commercial considerations/ in relation to the business which you are carrying, then it would be taxable under the head of PGBP. Otherwise, it may be taxable u/h of Income from Other Sources.
If the money is lent on account of commercial considerations/ in relation to the business which you are carrying, then it would be taxable under the head of PGBP. Otherwise, it may be taxable u/h of Income from Other Sources.
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