Q1) Should an assessee required to satisfy the following pre-requisites for claiming interest on capital borrowed from father u/s-24(b)?
i) Loan Agreement with the father in non-judicial stamp papers of Rs.50/- or Rs.100/-
ii) Taking & repaying of loan from / to father through banking channels
iii) ITR of father should be filed showing the interest income even if GTI doesn't exceeds maximum exemption limit
Q2)In case the assessee doesn't bothers about claiming interest deduction u/s-24(b), can he /she gets an interest free loan from the father as i have read in some legal websites that for charging interest the lender should obtain a license as a moneylender?
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