Hi..
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 ?
will a promissory note be enough ?
Thankl you..
adv. rajeev ( rajoo ) (practicing advocate) 02 October 2015
You will have to declare it to the income tax. It is taxable
rajiv 02 October 2015
i thought loans to a freind were supposed to be tax free for both the lender and the borrower..if the loan was given interest free..
plz clarify..
rajiv 02 October 2015
hello..
can some one please clarify
thank you
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