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HUKAMCHAND ERODHA (ADMINISTRATOR)     10 May 2022

Can father give to son 7 lacs of rupees on neglegible interest

Father want to give his son 7 lacs if rupees on neglegible interest repayable in 10 years.

can he do that without any tax complications

DR ERODHA



Learning

 2 Replies

Anamika Vichare (Practising Lawyer)     11 May 2022

Yes father can give loan out of his taxable income

 

Anamika VichareMumbai

7506552608/7304952608

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     11 May 2022

Loans from family members or friends are not taxable. Whether the loan is with or without interest, it becomes tax-free for the borrower. However if the lender charges interest from the borrower, he or she has to pay taxes on any interest that is earned from the loan.19-Apr-2022


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