nitin (professional) (83 Points)
26 June 2014What are the tax implications for a person
Q1. who takes unsecured interest free loan from father in law for purchasing house for residential purpose.
Q2. what if the return payment installment starts after 3 years from date of taking the loan?
Q3. What will be the format of loan aggrement?
Q4. What should be the value of non-judicial stamp paper for the aggrement if loan amount is 5/10 lacs?
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 26 June 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 June 2014
You will have to contact a lawyer and ask him to draft a loan agreement between you and your father-in-law stating all the terms and conditions. This agreement will be a documentary evidence when your account gets credited with the loan amount, and when your father-in-laws account gets credited with the repayment amount.
nitin
(professional)
(83 Points)
Replied 30 June 2014
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 30 June 2014
CAclubindia
