If i give interest free loan for a period of 5 years to a freind using a promissory note for the amount of 12 lakhs for his personal use ..do i or my freind have to pay tax return for it ?
Tax return has got nothing to do with a promissory note.
e.g. question is that if you had 12 lakhs in your own account will you be paying tax return? If the answer is yes then it means that your friend will also be paying the tax return. However if initially you are not paying tax return then the same will apply to your friend.
I hope this helps. KS Johal
Tax return has got nothing to do with a promissory note.
e.g. question is that if you had 12 lakhs in your own account will you be paying tax return? If the answer is yes then it means that your friend will also be paying the tax return. However if initially you are not paying tax return then the same will apply to your friend.
I hope this helps. KS Johal