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tax on loans between friends n relatives

This query is : Resolved 
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(Querist)
28 May 2009 If I take an interest bearing loan from a friend of mine, will the interest on such loan taxable in the hands of my friend?
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
28 May 2009 yes taxable
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Gaurav Aggarwal

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Gaurav Aggarwal (Querist)
28 May 2009 Thanks Devanshi..
And the onus of declaration of this income lies on the lender .. right?
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