1 Replies
Chakri
(Student)
(25 Points)
Replied 19 May 2010
Sir / Madam,
My father-in-law is in need of money for his daughter's [my sister-in-law] marriage and he is asking me to adjust few lakhs amount. My doubt here is, If I give him an interest free loan for 3 lakhs and can I deduct that amount from my taxable income while filing the return by mentioning this loan information?
If it is confusing - in other words - if i give interest free loan to my father-in-law how the tax implications for me ?
Thanks,
Chakri
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