Lending and borrowing from friends

Gagandeep Kumar (Querist) 26 March 2012 This query is : Resolved
Hi,

I work in CPSU. I had taken interest free loan of around Rs.1 Lac from my different friends in cash.
What are the Income tax liabilities on me as well as my lending friends.

Also, i had given interest free loan through net banking to my other friend from my own company for a business amounting to Rs. 3 lacs over a period of 3 years. What are the tax liabilities and other legal issues in this case.
Kindly help.

Thanks and regards,
Gagan

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