Can any one tell me that if we are given money as a loan then it is taxable or not? and if taxable what is the limit and the interest of tax to be paid to Govt.
25 March 2010
if you give any loan then loan not taxable. but if you receive any interest then interest is taxable as income, if it more then basic exemption limit of Rs. 1,60,000/-. for women 1,90,000/-.
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