Borrow loan
SHILPA (Accounts Manager) (34 Points)
07 January 2016
can we borrow loan without interst from our relatives
3 Replies
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 08 January 2016
Yes You Can Borrow Loan From Your Relative Without Interest. Just Once See The Defination of Relative As Per Income Tax Act
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 08 January 2016
Agree with Mahul
You can take any amount as loan without paying interest from relative.
Clubbing provision also not apply in loan cases.....
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 08 January 2016
Kindly refer the case of Shah Rukh Khan (King Khan), a famous actor of Bollywood, had given a loan of Rs. 2,28,88,530.00 to his wife Gauri Khan in A.Y. 2006-07. (Wealth Tax)
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