unsecured loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2010 Hi respected CCI Member

I want to know supppose any person taking unsecured loan from her wife and relative or friend and during the year he not pay interest on that amount i.e. interest free loan then interest can be include in our income? OR it will be ok i.e. it will not taxable?

Rahul Gupta

Rahul Gupta (Expert)
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22 March 2010 You can take Interest free loan and no interest will be included in your income.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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23 March 2010 yes, you can take interest free loan from your relatives and friends

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CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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25 March 2010 yes u can take interest free loan from your relatives and friends. no interest will be included in your income, but u will not get deduction of it while calculating ur income if u have not paid intrest.