tax on loans between friends n relatives
This query is : Resolved
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?
28 May 2009
yes taxable
28 May 2009
Thanks Devanshi..
And the onus of declaration of this income lies on the lender .. right?
And the onus of declaration of this income lies on the lender .. right?
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